Class: B
Year: 1974
Style: Garden-Style
Acquired Date: October 2019
Address: 4700 Stringfellow St. San Antonio, Texas, 78223
Property URL: ridgeatsouthcross.com
Investment Summary
Ridge at Southcross is a Class B, 212 Unit Garden-Style community built in 1974. Acquired in October 2016 this property features 32 efficiency, 104 one-bedroom, and 76 two-bedroom units. Located near Brooks City Base, the property in only 6 miles from downtown and off of two major freeways.
Common area amenities
- Townhomes Available*
- Fitness Center
- Sparkling Swimming Pool & Hot Tub
- Tanning Deck
- Outdoor Grilling Area & Pergola
- Wi-Fi in Business Center
- Pet Friendly Community with Dog Park
- Two Community Clothes Care Facilities
- Laundry Facility
- Controlled access ages
Interior Amenities
- Faux Hardwood Floors and Carpet
- Faux Granite Countertops
- Black Appliances*
- Wood Blinds
- Two-tone Paint
- Ceiling Fans
- Extra Storage Available for Rental
- Walk-In Closets
- Patios or Balconies
Business Plan
For the Ridge at Southcross, The business plan included adding a fitness center, remodeling the leasing office, remodel two pools, add a sun deck, improve landscaping. Interior upgrades for 132 units include adding faux wood flooring, 2” wood blinds, USB ports, and kitchen backsplashes. This plan was executed allowing us to take out a supplemental loan on this property in February 2020, resulting in a 40% return of initial capital to our investors. We will continue to hold this property until the five year mark. At which time, the full business plan will be complete.
Sold August 2022 for a total return of 274%, 30% IRR, 3.74x Equity Multiple
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