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130 Gallant Fox Lane Boerne, TX 78006
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INVESTMENT HIGHLIGHTS
Estraya Boerne is supremely located in the heart of the S. Main growth corridor that has been greatly enhanced by the Herff Road and Christus Parkway connections. The Menger Creek retail trade area is anchored by Wal-Mart and features walkable access to eateries such as Schlotzky’s, Tootie Pie, Love Thai, Valeria, Casa Amaya Pupuseria & Taqueria, Pizza Hut, and Raising Canes.
Additionally, there is nearly 1.6 million square feet of convenient retail within a 2-mile radius including H-E-B Plus, Home Depot, Tractor Supply, and a Starplex Cinema. The Property also benefits from its position at the center of connectivity on the south side of Boerne allowing for quick access to Interstate 10 via S. Main Street (Business 87) and Old San Antonio Road, and Highway 46 via the Herff Road extension which was completed in 2016. The proximity to
Boerne’s major lifestyle attractions and employment drivers is a significant selling point for prospective residents and will greatly benefit The Property well into the future. Specifically, The University of Texas at San Antonio, Six Flags Fiesta Texas, The Rim, La Cantera, USAA’s Global Headquarters, and the South Texas Medical Center are all within a 20-minute drive from Estraya Boerne.
The San Antonio International Airport and Downtown San Antonio are 27 and 30 miles away, respectively. Furthermore, Texas-based Christus Health and Baptist Health System both have acquired land tracts with within two miles of Estraya Boerne to accommodate future growth in Boerne. Christus owns nearly 35 acres at I-10 and Christus Parkway and Baptist Health System purchased a 23-acre site at the northwest corner of I-10 and Highway 46 for an acute care hospital project to be completed in late 2023 or early 2024. Tract along Loop 1604 has plans for a future hospital that will be built on a 32.2-acre section of the property.
PRIME ACCESS TO GROWING RETAIL & MEDICAL TRADE AREA ALONG S. MAIN STREET
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130 Gallant Fox LaneBoerne, TX 78006
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/.
Cutt Abelson
Senior Managing Director
713 469 4503
cutt.abelson@berkadia.com
250 West Nottingham Drive
Suite 120
San Antonio, TX 78209
214.346.0200
Financing
SAN ANTONIO OFFICE
Kelly Witherspoon
Senior Managing Director
512.226.8706
kelly.witherspoon@berkadia.com
Mike Miller
Managing Director
210 377 1535
mike.miller@berkadia.com
Investment Sales Advisors:
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Will Caruth
Senior Director
210 377 2768
will.caruth@berkadia.com
Justin Cole
Managing Director
512.226.8711
justin.cole@berkadia.com
Jay Gunn
Managing Director
214.679.7100
jay.gunn@berkadia.com
Adam Sumrall
Director
512.960.2674
adam.sumrall@berkadia.com
Austin Blankenship
Associate Director
214.360.3825
austin.blankenship@berkadia.com
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Cody Courtney
Senior Director
210 377 1219
cody.courtney@berkadia.com
THE OFFERING
Berkadia’s Central Texas Multifamily Investment Sales Team is pleased to announce the exclusive listing of Estraya Boerne, a newly stabilized 288-unit Class-A apartment community developed by Waypoint Residential in the burgeoning city of Boerne, Texas. The asset is spread across nearly 16 acres and consists of eight 3-story wood-frame buildings, surface parking, detached garages, and an expansive clubhouse. The Property consists of a modern, traditional design that has redefined the walkable luxury rental living in SoBo (South Boerne). The Property is situated in The Commons at Menger Creek mixed-use master planned development and features rare suburban walkability to the Menger Creek trade area which offers an array of eateries and retailers including a neighboring Wal-Mart as well as the future Commons at Menger Creek retail. Built in 2022, Estraya Boerne has been uniquely structured under a Public Facility Corporation (“PFC”) agreement with the Boerne Public Finance Corporation that provides the dual benefit of high quality, affordable housing for Boerne residents and enhanced benefits to a prospective buyer. The regulatory agreement calls for 50% of the units to be rented at 80% AMI. Estraya Boerne receives a 100% Ad Valorem tax reduction with compliance of the regulatory agreement which greatly enhances cash flow and removes the most significant risk to operating income, uncontrollable tax increases, going forward. Boerne, Texas has been the beneficiary of incredible home appreciation highlighting the strong demand to reside in the area. According to Rocket Homes, the median single-family home sale prices in Boerne have grown 14.1% to a median price of $584,225 or $223 per square foot. This single-family appreciation has resulted in a PITI payment of $4,520 per month highlighting a 293% premium when compared to Estraya Boerne’s market rate of $1,544 per unit per month. The combination of a premier location, single-family appreciation, a top-quality amenity package, and the PFC structure’s tax benefit makes Estraya Boerne a one-of-a-kind opportunity that will create steady cash flow and generate healthy returns for many years to come.
Once called The Key to the Hills, Boerne mixes its historic past and small-town ambiance with new city folk who are seeking an area where natural beauty of the Texas Hill Country abounds and where the quality of life and open-space environments are valued. With the expansion of Interstate 10, Boerne began to take off and has become a rapidly growing northwest suburb of San Antonio thanks to the town’s unique charm and business-friendly climate. According to the US Census Bureau, Boerne ranked as the 15th fastest growing small city in the nation in 2020 based on percentage growth and the Boerne EDC projects the population of Boerne to grow at a rapid rate of 24% from 2021 to 2026. More broadly, Kendall County is projected to grow 21% over the same period to over 49,000 residents. Boerne boasts incredibly strong demographics that should bode well for future growth including the Median Household Income which is $79,040 in Boerne and $90,403 in Kendall County. The average Median Age of 38 and 42 in Boerne and Kendall County, respectively. Furthermore, Boerne Independent School District is in an award-winning district named the 2020 “Best Small School District in Texas” by HEB Excellence in Education and is ranked within the Top 5% of all 1,200 school districts in Texas. Boerne ISD has an enrollment of over 10,400 students and boasts an incredibly strong 99% graduation rate.
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SUPERIOR LOCAL DEMOGRAPHICS & TOP-RATED SCHOOLS FUEL BOERNE’S EXPONENTIAL GROWTH
Due to a unique Public Facility Corporation (“PFC”) in partnership with the Boerne Public Facility Corporation, Estraya Boerne will provide high-quality, mixed-income housing in the city’s fastest growing submarkets, with 50% of units rented to tenants who earn 80% of the area median income (AMI) or less. According to Texas Department of Housing and Community Affairs (TDHCA) Rent and Income Limits, the AMI for Kendall County is $132,400 for 2024.
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UNIQUE PFC STRUCTURE PROVIDES YIELD ENHANCEMENT & 100% PROPERTY TAX EXEMPTION
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THE OFFERING
INVESTMENT HIGHLIGHTS
LOCATION
GALLERY
AMI is $132,400 per HUD’s recently released 2024 income limits, therefore 80% of AMI is $97,800 for a family of four.
Annual Administrative Rent of $25,000
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