Extensively renovated 10 unit asset well located at intersection of Interstate 97 and Hwy 281 in Pleasanton, Texas. Complete exterior face lift including landscaping and all new roofs in 2018. Seller completed 7/10 interior unit renovations achieving $160-$210 rent bumps for improved units depending on floor plan. Value-add upside in remaining 3 interior units to be upgraded. There is additional upside in adjacent empty lot (included) with concrete slab and utility infrastructure for potential added residences (conventional or corporate lease oil and gas housing).
Pleasanton, located 35 miles south of San Antonio, leverages both the strength of the San Antonio economy while also being strategically positioned as the gateway to the single largest economic development in South Texas, the Eagle Ford Shale. Over $30 billion dollars have been invested in this oil and gas play creating over 116,000 jobs and spanning 20 smaller counties in South Texas. The model of leasing corporate units to this industry is a proven option for higher returns and potential at Seven19.
The city of Pleasanton has experienced explosive population growth over the past 5 years. Plus hundreds of oil field workers are filling up local hotels. The San Antonio Business Journal reports that "City leaders attribute Pleasanton's growth to their solid water and wastewater infrastructure and have laid the foundations for continued economic expansion." Seven19 satisfies the need for quality housing in the area, and is also located near another top local employer in the San Antonio Toyota Plant.
