The Mila

• Acquire at the Existing Debt Basis — The Mila presents the opportunity to acquire a 124-unit multifamily community in North Central San Antonio at approximately the seller’s existing debt basis. Pricing of approximately $8.25 million before outstanding liens, or $8.5 million including liens, equates to roughly $66,500–$68,500 per unit—a significant reset from the seller’s $12 million acquisition price.
• Reset Basis Creates a Path to Stabilization — Higher floating-rate debt costs, softer San Antonio occupancy, and limited ownership liquidity have constrained cash flow and capital available for unit turns. New ownership can recapitalize the asset at a substantially lower basis and restore occupancy without relying on an aggressive renovation or rent-growth strategy.
• Identifiable Near-Term Capital Requirement — The property currently has approximately 28 vacant units, with roughly half requiring turns before returning to available inventory. Ownership estimates approximately $50,000 of capital, or roughly $3,500 per affected unit, is needed to complete these turns and return approximately 14 units to market.
• Occupancy Recovery Drives the Business Plan — The near-term strategy centers on completing outstanding turns, restoring available inventory, maintaining competitive rents, and rebuilding occupancy. The Mila is not dependent on a costly renovation program or immediate rent increases to execute its stabilization plan.
• Competitive Rents with Longer-Term Upside — Current rents start at approximately $649 for studios, $699–$705 for one-bedrooms, and $899–$1,089 for two-bedrooms, positioning The Mila competitively within the 78216 submarket. The surrounding market remains price-sensitive and concessionary, reinforcing an occupancy-first approach. CoStar comparables indicate market rents of approximately $1.30/SF versus $1.02/SF at The Mila, providing meaningful longer-term revenue optionality as occupancy stabilizes and market conditions improve.
• North Central San Antonio Location — Located at 11726 West Avenue, The Mila benefits from access to Wurzbach Parkway, US-281, and Loop 410, providing connectivity to major employment, retail, and transportation corridors throughout North Central San Antonio.