DB Capital Adds First Multifamily in San Antonio to Growing Texas Portfolio
By: DB Capital Management
DB Capital plans to aggressively target multifamily acquisitions in San Antonio that is 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.
"We are targeting extensive investment in this market with a goal to own 1,000 units in the San Antonio metro in the next 24-months," Degner said. "Salado Springs is an exceptional garden-style asset that we were able to acquire below replacement cost. We plan to increase value through hands-on property management and an ambitious renovation plan."
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 Highway 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 $6,500,000 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.
"Leasing activity continues to outpace deliveries,"
Approximately 40 percent of DB Capital's portfolio is in Texas, a state that offers some of the most fundamentally sound multifamily markets in the country, exhibiting solid wage, population and employment growth. While the majority of its Texas portfolio is located in Austin, this first acquisition in San Antonio demonstrates the firm's interest in exploring is other markets within the state.
DB Capital Management (http://www.dbcap.com) is a vertically integrated real estate investment group based in Playa Vista, CA. DB Capital Management focuses on owning and operating quality multifamily properties in strategically targeted submarkets across the United States. The DB Capital Management strategy revolves around a hands-on approach to acquisitions and asset management, coupled with an extensive understanding of each target investment submarket, which leads to maximum revenue generation and subsequent value.