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Aragon Place

Class: B
Property Details: 1983 | Garden-Style | 216 Units
Locations: San Antonio, TX
Acquired Date: January 2016
Sold Date: October 2019 

Initial Loan: $8,477,000
Rehab Budget: $950,000
Investment Period: 3 Years

Results For Our Investors

Equity Multiple

%

Total Return

Investment Summary

Aragon Place Apartments was a valueadd opportunity consisting of 215 units, located in San Antonio, Texas. Aragon Place Apartments is strategically nestled between the North West and West Submarkets. The property is optimally situated on Marbach Road on the edge of Westover Hills, San Antonio’s leading largescale, mixeduse development, master-planned and within the highly coveted Northside ISD School District. Aragon Place offered a full interior valueadd renovation program with a light exterior amenities upgrade. The previous owner had already renovated the exterior which included new roofs, paint, carpentry, siding repairs, and an upgraded parking lot. There was very little exterior work needed at Aragon Place Apartments and most of the upgrade budget was spent on revenue, increasing upgrades to the unit interiors. With the scarcity of true valueadd opportunities, REEP was able to seize the opportunity and implement a premium interior renovation program at Aragon Place.

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