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1297 W. Loop 1604 N. | San Antonio, TX 78251
PROPERTY Stats
220
UNITS
2001
Year Built
267,884
sF
PROPERTY OVERVIEW
The Townhomes at West Creek is a 220-unit affordable housing community located in San Antonio, TX. The property is conveniently situated minutes from major retailers that include H-E-B Plus!, Costco, and Walmart. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.
The property was built and placed in service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require 155 units to be rented to income qualifying residents earning no more than 50% and 60% of the Area Median Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs.
The Townhomes at West Creek offers two, three, and four bedroom homes featuring spacious floor plans, ceiling fans, walk-in closets, full-size washer and dryer connections, dishwasher, microwave, and single or double garages*.
Community amenities include a clubhouse, fitness center, laundry facility, playground, swimming pool, 24-hour emergency maintenance, an after school program, and controlled access gates.
*in select units
Fantastic rental upside at the property is currently at a 13% loss to lease to the current max net allowable rents on the affordable units
The LIHTC Restrictions are set to expire at the end of 2041 allowing for a conversion of the 155 LIHTC units to market at that time
Rent comps indicate significantly higher rents than both the affordable units as well as the unrestricted units at the property resulting in a vacancy rate of below 4.0% over the last twelve months
220-Unit Mixed-Income property comprised of 1, 2, 3, and 4 bedroom units with 55 of the units being unrestricted
The property is located in a high income area of San Antonio with a median household income of nearly $105,000 within a one-mile radius of the property
The MSA has experienced fantastic income growth over the last several years, with the HUD MFI increasing from $62,100 in 2016 to $88,600 in 2023, which has directly resulted in strong growth in the rental limits
INVESTMENT HIGHLIGHTS
ADAM TOMBERG
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
MIKE MILLER
Managing Director
Multifamily
210.377.1535
mike.miller@berkadia.com
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
Contacts and Office Locations
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6225 North Meeker Place
Suite 210
Boise, ID 83713
BOISE OFFICE
SAN ANTONIO OFFICE
250 W. Nottingham
Suite 120
San Antonio, TX 78209
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JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKERS
CHRIS CRUMP
Managing Director
504.322.1196
chris.crump@berkadia.com
TIM LEONHARD
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
1297 W. Loop 1604 N. - San Antonio, TX 78251
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
POPULATION
2.4M
POPULATION INCREASE BY 2027
3.5%
1297 W. Loop 1604 N. - San Antonio, TX 78251
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.