Presidium Group has closed on yet another multifamily acquisition in San Antonio, cementing the investment and management firm’s value-add business model in the city. The firm announced earlier today that it purchased The Landmark, a 426-unit apartment complex near the South Texas Medical Center in Northwest San Antonio. Location was one of the biggest factors in the deal, and Presidium COO Nick Dyer said that being within walking distance to the medical center and having another firm-owned property nearby made The Landmark acquisition a no-brainer.
“We like the rental pool that exists in the market, which is driven by medical center employees, and we’re always looking for deals in and around the medical center area,” Dyer said. “The property condition was another factor (in the deal) — along with its size – it’s in pretty good condition for an asset of its age.”
The acquisition will allow Presidium to achieve a significant amount of scale in the market, bringing the total number of units in the Medical Center area to nearly 800, when combined with the 348-unit property known as Axio (formerly the Villages of Cinnamon Creek) that it purchased last year. It also marks the eight acquisition the firm has made since 2013.
Presidium will start the renovation and rebranding process for The Landmark over the next few months. Already boasting three swimming pools, a large fitness center, laundry facility and picnic area, the firm will spend about $4 million on interior and exterior upgrades. To be rebranded as The Branch at Medical Center, the property also will include resurfaced countertops, new appliances, resurfaced bathroom tile and new paint schemes.