UPDATE - December 2022
Equity required has been raised. For updates on the project, please subscribe to the project's YouTube page here https://youtu.be/EISmMZVvznM
Southton OZ, LLC, comprised of Stuart Falkin (resume linked here), Waypoint Development and 3LB Equities, are seeking a $3.0M limited partnership equity investment for the development of the Southton Apartments (the“Project”). The Project is a 229,881 SF ground up Class A development consisting of 239 units across 13 2- and 3-story garden style buildings.
Located in San Antonio, TX, the Project is less than 15 miles from the downtown cores and 20 miles from the San Antonio International Airport. This established bedroom community affords residents a shorter commute to the downtown center of San Antonio while providing a quieter suburban lifestyle and amenities. With employment hubs within a 5 minute drive from the Project and high barriers to entry for competing supply in this part of San Antonio, the Project should see leasing velocity of 19 units per month.
The Project will benefit from extensive financial incentives including:
• Firm Commitment on a HUD 221(d)(4) Loan, with rate locked at 4.75% for it’s entire 42 year term
• $3.0M National Housing Trust Fund 0% “soft money” loan (only payable through distributable cash), coterminous with senior HUD loan.
• 100% property tax abatement through partnership with the San Antonio Housing Trust PFC
• Qualified Opportunity Zone project - for more information regarding the benefits of investment in Opportunity Zones, please click here.
Waypoint Development is an experienced Sponsor with a long standing track record of Multifamily Development throughout the Southeastern US, with over 2,500 units delivered from Texas to Florida and in between.
For More Information on Waypoint Development, please click on the link below:
Property Management for The Southton Apartments will be provided by Falkin Platnick Realty Group (FPRG) with support from SunRidge Management Group Inc.
Founded in 1988, FPRG specializes in acquiring, developing, and managing real estate properties. Assets under management have included garden and midrise apartment complexes, town home communities, RV Resorts, hotels, offices, and commercial properties. FPRG currently manages four multifamily properties, all of which are similar in size and scope to the proposed project, two in Texas of 200 units and two in Colorado, of 240 and 454 units. Prior to the formation of FPRG, Mr. Falkin was Vice President of Raritan Valley Mortgage, Inc. He supervised the origination and placement of $450 million of FHLMC/FNMA multifamily mortgages, and served as the broker for the purchase and sale of various commercial and residential multifamily properties.
For More Information on Falkin Platnick, please click on the link below:
SunRidge was formed in 1990 by Ronald F. Akin, who remains the company's president and sole owner. SunRidge has been an approved management agent with HUD since 2002 and they currently manage 221(d)(4), 223(a)(7), and 223(f)-financed assets. SunRidge currently manages over 50 HUD-insured properties and has been involved with more than 100 developments since its inception.
For More Information on SunRidge Management Group, please click on the link below:
The general contractor will be Southton Apartments Joint Venture, a joint venture between San Antonio Housing Trust Public Facility Corporation and Southton GC JV NRP Member LLC, which is comprised of NRP Construction LLC as the 100% managing member. Southton GC JV NRP Member LLC will be the manager of the joint venture. As NRP Construction LLC is the 100% managing member of Southton GC JV NRP Member LLC, they will have full construction responsibilities and accordingly will be underwritten as general contractor.
The development team includes general contractor NRP Construction LLC, a full-service general construction and construction management company with headquarters in San Antonio, approximately 18 miles from the subject site. NRP has delivered or is in-construction with over 250 projects accounting for over 41,000 units nationwide, including 110 projects totaling over 25,000 units in Texas. NRP has experience with the 221(d)(4) program, as they constructed LIV at Boerne (115-35809) in December 2021 and have five other projects under construction. All six 221(d)(4) projects are located in Texas.
For More Information on NRP Construction, please click on the link below:
The architect for the project will be B&A Architects, Inc., a multi-disciplinary architecture and interior design firm based in San Antonio, TX. The architect is an unrelated entity: no identity of interest exists between the architect and developer. B&A Architects has designed over 50,000 multifamily units, including 10 projects insured under the 221(d)(4) program, all of which are located in Texas.
For More Information on B&A Architects, please click on the link below:
For Access to the Executive Summary, please click on the link below:
For Access to the Investment Summary, please click on the link below:
For Access to the Proforma, please click on the link below:
For Access to the Sources and Uses, please click on the link below:
For Access to the Annual Cash Flow Projections, please click on the link below:
For Access to the Assumptions of Sale, please click on the link below:
For access to the full set of Architectural plans, including elevations, floorplans and all other design elements, please click on the link below.
For access to the most recent HUD appraisal, please click on the link below.
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