SAN ANTONIO, Texas - (December 19, 2016)
Chicago-based Draper and Kramer, Incorporated, one of the largest privately held, full-service real estate firms in the United States, has expanded its presence in the San Antonio market with the acquisition of The View at Encino Commons Apartment Homes, a 324-unit rental community in the Stone Oak area of north central San Antonio, just 17miles from the city’s central business district.
Located at 21303 Encino Commons Blvd., The View at Encino Commons includes 27 two-story residential buildings with a mix of one-, two- and three-bedroom units, as well as a separate clubhouse/leasing center. Situated on a hilltop site overlooking US 281, which provides easy access to downtown San Antonio, the property is in a popular infill area in proximity to well-regarded schools, a variety of retail and restaurant offerings, and major employment centers including the Stone Oak Medical Center.
“With population and job growth fueling strong absorption rates, San Antonio is an ideal investment opportunity for us as we broaden our national footprint,” said Forrest D. Bailey, president and CEO of Draper and Kramer. “We first entered this market last year with the acquisition of Sonterra Blue, another rental community in Stone Oak, and based on our positive experience with that property, we sought out additional opportunities in the same area to gain economies of scale. The View at Encino Commons is a great addition to our San Antonio portfolio with its combination of a high-demand location and upside potential through the renovation of both common areas and individual units.”
Completed in 2002, The View at Encino Commons offers apartments ranging from 677 to 1,497 square feet, with features including private ground-level entries, open floor plans, 9-foot ceilings, expansive storage, oversized patios and balconies, and attached garage parking. On-site amenities include a resort-style pool with a covered pavilion, adjacent kitchen and grilling area, and outdoor televisions. The clubhouse features a resident lounge, entertaining kitchen, theater room with surround sound, business center and internet café, and fitness studio.
Draper and Kramer’s planned renovations for The View at Encino Commons entail updates to unit interior finishes including upgrading appliances to stainless steel and installing new cabinet faces, laminate countertops and wood laminate floorings. Additionally, the clubhouse, fitness center and business center will receive light updates including new furnishings and equipment.
“Encino Commons is especially attractive from a value-add perspective not only because its original interior design and large floor plans lend themselves to modernizations, but also because we’ve seen the proven value of similar renovations at other properties in this area,” said Bailey. “Our renovation program will bring this property to a level that will match the expectations of renters moving to this sought-after area, and position it to compete with newer product at the top of this submarket.”
Draper and Kramer will take over management of The View at Encino Commons through its residential management division, which currently has a portfolio of more than 10,000 rental units across Chicago, St. Louis, San Antonio and Minneapolis, as well as 25,000 condominium residences throughout Chicago.
For more information on The View at Encino Commons Apartment Homes, call (312) 580-6547 or visit www.draperandkramer.com.
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated, is family-owned and one of the largest privately held full-service real estate firms in the U.S. Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s expertise spans residential and commercial property management and leasing; debt and equity financing for commercial properties; residential and commercial acquisition and development; and residential mortgage services through Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of investors in real estate across the U.S including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations. For more information, visit www.draperandkramer.com.
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Editors:
For more information, contact Sarah Lyons, [email protected], (312) 267-4520.
Photo:
National full-service real estate firm Draper and Kramer, Incorporated, has acquired The View at Encino Commons Apartment Homes, a 324-unit rental community in San Antonio.
