SAN ANTONIO–Presidium Group LLC has acquired The Landmark, a 426-unit apartment complex located near San Antonio’s Medical Center.
Built in 1984, the 30-year-old property boasts three swimming pools, a large fitness center, laundry facility, picnic area and a leasing center.
“Landmark at Medical Center was appealing to us because it represented the opportunity to acquire a well-located, stable asset with significant upside,” Nick Dyer, COO of Presidium Group, told GlobeSt.com. “By acquiring Landmark at Medical Center, we were able to grow our presence in the San Antonio Medical Center submarket to nearly 800 units and our portfolio in San Antonio to over 1,800 units. We’re excited about our rebranding and renovation process at the property, which has already commenced.“
Presidium plans to implement a modest value-add strategy that includes interior and exterior upgrades, as well as rebranding the property as The Branch at Medical Center. The interior-unit modernizations will consist of resurfacing countertops, replacing appliances, resurfacing tub and shower tile, and applying a two-tone paint scheme. Exterior improvements will include modernizing the leasing center, and landscaping.
“The Landmark is a well-located and well-maintained property within one of San Antonio’s most active submarkets,” says Presidium co-CEO Cross Moceri. “This property creates an ideal opportunity to use our experience in repositioning assets to create immediate rental upside.”
The Landmark at Medical Center is located in Northwest San Antonio at the intersection of the city’s two major thoroughfares, Interstate 10 and Loop 410. The complex is walking distance from the South Texas Medical Center, home to ten hospitals, including The University of Texas Health Science Center and nearly 80 clinics.
This is the company’s first acquisition in 2015. Presidium acquired seven properties in San Antonio in 2014. Presidium now owns and operates more than 2,000 apartment units in the San Antonio area.