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11/26/21
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DB Capital Management has purchased Salado Springs, a 352-unit multifamily community in North Central San Antonio, TX. Built in 1997, Salado Springs is located at 12727 Vista Del Norte and is 15 miles north of downtown San Antonio and five miles from San Antonio International Airport.
The property offers easy access to Hwy 281 and is centrally located near some of the largest employers in San Antonio including: San Antonio International Airport (100,000 jobs), USAA (16,000 jobs), Valero (10,000 jobs), South Texas Medical Center (30,000 jobs). The property was 98% occupied at closing.
DB Capital Management will rebrand the asset as Summit at Salado Springs and immediately initiate a $6.5 mil renovation program that will include upgrading all units with new flooring, countertops, smart home "tech packages," in-unit washer/dryer, and new light fixtures. They will also modernize the exterior and common areas.
DB Capital plans to aggressively target multifamily acquisitions in San Antonio, a city that ranks third in population growth in the latest US Census and has been one of the top performing multifamily markets during the COVID-19 pandemic, according to DB Capital Co-founder and CEO Brennen Degner.
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