1979 CONSTRUCTION

220 UNITS
SAN ANTONIO, TEXAS
 Investment Highlights
The Canopy is a 1979 construction asset located along
Bitters Road near Highway 281 in growing Northeast
San Antonio. The property offers excellent visibility and
is strategically positioned to capture consistent leasing
traffic as over 21,000 vehicles drive-by daily along Bitters
Road. The property has maintained strong occupancy
while simultaneously raising rents. As of September 27th,
the property is 95% occupied and 97% leased. New Leases
in August and September 2021 have averaged 21.9%
growth over prior leases. Additionally, there are currently
no properties under construction or submitted with the
city within 2.5 miles of the asset.

Young professionals are attracted to the asset due to the

convenient access provided via Highway 281 or Wurzbach
Parkway to employment and entertainment in downtown
San Antonio, the Stone Oak area, and the South Texas
Medical Center. Top employers at the asset include Amazon,
JP Morgan Chase, Spectrum, H-E-B, and Methodist
Children’s Hospital. New ownership has the opportunity
to achieve attractive rental premiums by upgrading 87%
of the unit mix to a higher finish level. Additionally, washer
and dryer equipment can be installed to the remaining
units with connections, and a tech package can be added

21.9%
to the majority of units.

AUGUST AND SEPTEMBER 2021

NEW LEASE GROWTH
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Investment Summary
TERMS
Property is available on an all cash basis

ADDRESS
950 East Bitters Road
San Antonio, TX 78216

YEAR COMPLETED
1979

OCCUPANCY
95%

NUMBER OF UNITS
220 Units

NET RENTABLE AREA

159,214 SF

AVERAGE UNIT SIZE

724 SF

LAND AREA/DENSITY
8.6 acres; 25.6 units per acre

BUILDINGS
1 Leasing/Clubhouse/Fitness Center/
Business Center
13 two and three story residential buildings

PARKING
+/- 272 total spaces (1.3 spaces/home)

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 Community Amenities
WELL-MAINTAINED ASSET WITH EXTENSIVE AMENITIES
The two and three-story property features stucco and cedar-plank exteriors,
attractive stone accent walls, and pitched composition roofs. From 2016 to
2021, just over $467,000 was spent on capital expenditures. These updates
included a full exterior repaint in 2018, a boiler replacement in 2019, and a
pool deck replacement in 2021.

Community amenities include a modern clubhouse with computer stations

and coffee bar, two upgraded swimming pools, a recently added sun deck with
a stainless steel grill and prep area, fitness center, pet park, picnic area, and
two laundry facilities.

POTENTIAL UPGRADES
u Add agility equipment and pet washing station to the pet park
u Fill-in one pool and build an outdoor pavilion area
u Expand and update the fitness center

Leasing Center/Clubhouse with Computer Stations

Coffee Bar
Two Upgraded Swimming Pools
Sun Deck with Stainless Steel Grill and Prep Area
Fitness Center
Picnic Area
Pet Park
Two Laundry Centers

4
 Unit Features
EFFICIENT UNITS WITH PROVEN VALUE-ADD POTENTIAL
u The Canopy offers 220 one and two-bedroom units that average 724 square feet. All homes have faux wood flooring throughout,

pantries, walk-in closets, breakfast bars, and patios or balconies.

u Classic units feature fully equipped kitchens with black or white appliances, cream cabinetry, laminate countertops, and double basin
sinks.

u Partially upgraded units include black appliances, resurfaced laminate countertops, tile backsplash, flat panel cabinetry with chrome

bar pulls, gooseneck faucets, matching bathroom countertops and pulls, framed mirrors, curved shower rods, and modern lighting in
dining areas.

u There are 29 units with premium renovation features. 24 premium units are in Building 8 which was rebuilt in 2014. Premium units

feature faux stainless steel appliances, granite countertops, tile backsplash, espresso cabinetry with chrome bar pulls, gooseneck
faucets, matching bathroom granite countertops and pulls, designer basin bathroom sinks, stand-up showers in select units, curved
shower rods, framed mirrors, and modern lighting and fixtures.

u 87% of units, the 92 classic units and 99 partially upgraded units, can be renovated to a higher finish level. The potential upgrade
package includes granite countertops, stainless steel appliances, undermount kitchen sinks, gooseneck faucets, updated cabinetry
and hardware, modern subway tile backsplash, new paint, framed mirrors, and updated lighting and fixtures. 139 units can be
upgraded with a tech package which includes a Nest thermostat, electronic lock deadbolt, and two USB ports. There are currently
74 units with washer/dryer connections, and 3 units with stackable washer/dryer equipment owned by the property. There is
potential to add washer and dryer equipment in the remaining 71 units with connections. New ownership can also potentially add
washer/dryer connections and equipment in the remaining 146 units.

6
INTERIOR AMENITIES
u Faux Wood Flooring Throughout All Units
u 8’ Ceilings; Vaulted Ceilings in Select Units
u Pantries, Walk-In Closets, Breakfast Bars, and Patios or
Balconies in All Units
u Washer and Dryer Connections (74 Units); Washer and
Dryer Equipment (3 Units)
u Tech Package (81 Units)

PREMIUM UNITS (29 UNITS, 13% OF UNITS)

u Faux Stainless Steel Appliances
u Granite Countertops
u Tile Backsplash
u Espresso Cabinetry with Chrome Bar Pulls
u Gooseneck Faucet
u Matching Bathroom Countertops and Cabinetry
u Designer Basin Bathroom Sinks
u Curved Shower Rods
u Two Inch Blinds*
u Stand-Up Showers*
u Framed Mirrors
u Lighted Ceiling Fans in Bedrooms and Living Area*
u Modern Lighting and Fixtures

* In select units
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 PARTIAL UPGRADE
(99 UNITS, 45% OF UNITS)
u Black Appliances

u Resurfaced Laminate Countertops

u Tile Backsplash

u Flat Panel Cabinetry with Chrome Bar Pulls

u Gooseneck Faucets

u Double Basin Sinks

u Matching Bathroom Countertops and Cabinetry

u Framed Mirrors

u Curved Shower Rods

u Two Inch Blinds*

u Modern Dining Area Lighting

* In select units

8
 CLASSIC UNITS (92 UNITS, 42% OF UNITS)
u White or Black Appliances
u Laminate Countertops
u White Cabinetry
u Double Basin Sinks

RECOMMENDED UPGRADES
u Renovate Classic and Partially Upgraded Units (191 Units)
u Install Tech Package which includes Nest Thermostat, Electronic Deadbolt, and Two USB Ports (139 Units)
u Add Washer/Dryer Equipment to Units with Connections (71 Units)
u Add Washer/Dryer Connections and Equipment (146 Units)

9
 Unit Mix
MARKET MONTHLY
CODE TYPE UNITS SIZE TOTAL SF RENT RENT/ SF RENT

A1 1-1 58 522 30,276 $766 $1.47 $44,420

A2 1-1 58 650 37,700 $837 $1.29 $48,540

A3 1-1 32 737 23,584 $979 $1.33 $31,340

B1 2-1 32 852 27,264 $1,061 $1.24 $33,940

B2 2-2 30 963 28,890 $1,136 $1.18 $34,090

B3 2-2 10 1,150 11,500 $1,290 $1.12 $12,895

TOTAL/AVERAGE 220 724 159,214 $933 $1.29 $205,225

10
11
 Location Highlights
NORTH CENTRAL LOCATION SURROUNDED BY MAJOR EMPLOYMENT DRIVERS
u With a convenient location just east of Highway 281, The Canopy allows residents to quickly reach major employers in North San
Antonio. The San Antonio International Airport is just 8 minutes away and supports 97,500 direct and indirect jobs throughout
San Antonio. J.D. Power and Associates ranked the airport 10th in 2020 among all North American midsize facilities, which is
historically the most competitive category. A 120,000 square foot Spectrum/Charter office is located 4 minutes from the property.

u Residents have convenient access via Wurzbach Parkway to the expanding South Texas Medical Center. The Medical Center includes
nine major institutions and hundreds of medical offices that support over 58,000 employees in the San Antonio area. The tremendous
growth in recent years has turned the Medical Center into a major hub for healthcare, education, and research entities. With a
900-acre campus, including 200 undeveloped acres and existing areas slated for reconfiguration, there is no question that the facility
is primed for future growth.

u Residents can use Highway 281 to quickly reach the prestigious Stone Oak area of San Antonio which includes major employers such
as the Stone Oak Medical Center (3,400 employees), JP Morgan Chase Regional Headquarters (5,000 employees), iHeartMedia
(formerly Clear Channel), Andeavor (formerly Tesero), and the Valero World Headquarters.

STRATEGIC ACCESS TO MAJOR RETAIL CENTERS AND PUBLIC PARKS

u Residents at The Canopy have access to a breadth of retail options within minutes of the property. Within a quarter mile of the asset,
residents can easily reach major retail destinations including Starbucks, Target, Home Depot, and Office Depot.

u Just few minutes south of the property, residents can access both the North Star Mall and Park North retail centers near the
intersection of Highway 281 and IH-410. The 1.2 million square foot North Star Mall, San Antonio’s largest and most successful
enclosed mall, hosts a plethora of retailers with major department stores Macy’s and Saks Fifth Avenue joined by 185 specialty stores
including Apple, Oakley, and Sephora. Adjacent to North Star Mall is Park North, a trendy retail establishment that includes an Alamo
Drafthouse, World Market, Target, and over 15 restaurant and bar options.

u The Canopy is 15 minutes from downtown San Antonio. With the Alamo, Riverwalk, historic Majestic Theatre, La Villita Historic Arts
Village, and countless museums, downtown San Antonio is a vibrant place for an enjoyable visit. Major employers in downtown San
Antonio are the H-E-B corporate headquarters, CPS Energy, Spectrum, Frost Bank, and AT&T.

u McAllister Park, located just one mile east of the property, is a public park with sports fields, dog parks, and numerous jogging trails
spread over 900 acres of wooded land. Blossom Athletic Center is adjacent to McAllister Park and features a 11,000-seat football
stadium, track, basketball arena, natatorium, baseball stadium, two soccer fields, and thirteen tennis courts.

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 VILLAGE AT STONE OAK
SHOPPING CENTER
THE RIM SHOPPING CENTER

THE SHOPS AT L A CANTERA

NORTHWOODS
SHOPPING CENTER

HEADQUARTERS
17,000+ EMPLOYEES SAN ANTONIO
HEADQUARTERS INTERNATIONAL
1,600+ EMPLOYEES
AIRPORT
SOUTH TEXAS
MEDICAL CENTER
SUPPORTS 58,000
EMPLOYEES

DOWNTOWN
SAN ANTONIO

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 NORTH STAR MALL
PARK NORTH

SAN ANTONIO
DOWNTOWN

SAN PEDRO CROSSING

SAN ANTONIO
INTERNATIONAL
AIRPORT

WU RZ BA CH PA RK WAY

E. BI
TT ERS
RD

COKER
ELEMENTARY
SCHOOL

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 VILLAGE AT STONE OAK
SHOPPING CENTER

STONE OAK
MEDICAL DISTRICT

NORTHWOODS
SHOPPING CENTER

BRADLEY
MIDDLE
SCHOOL

COKER
ELEMENTARY
SCHOOL

E. BI
TTE RS R
D

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 San Antonio Market Highlights
The Northeast submarket is a growing area in San Antonio that offers proximity to major employment centers in North and
downtown San Antonio. The average household income for the area is $87,000, 71% of the population works in a white-collar
profession, and 60% of the population has a college degree. As of Q2 2021 per Austin Investor Interests, rent growth over the
previous 12 months for the submarket totaled 5.6%, and the occupancy in the submarket is 94%.

NORTHEAST SUBMARKET

5.6% 94%
12 Month Growth Q2 Occupancy

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PWC 2021 Emerging Trends in Real Estate Report
SAN ANTONIO WAS RANKED THE 12TH MARKET IN THE UNITED STATES BASED ON
OVERALL REAL ESTATE PROSPECTS.

▶ San Antonio was classified in the Super Sun Belt subgroup along with Atlanta, Dallas/Forth Worth, Phoenix, Tampa, and
Houston. All markets in this subgroup are growing more quickly than the U.S. average. Markets in this subgroup are
recognized as affordable for businesses and residents, even while these powerhouse economies have attracted – and will
continue to attract - a wide range of businesses. San Antonio’s advantages includes its “low cost of living, high quality of
life, and opportunity for business growth”.

▶ U.S. Multifamily Property Buy/Hold/Sell Recommendations - San Antonio has the 9th most “Buy” recommendations from
analysts out of all major metros.

▶ San Antonio has the 12th highest rated Local Economy per the report.

17
INVESTMENT CONTACTS TOUR REQUESTS
Charles Cirar Michael Wardlaw Colin Cannata Connor Moore Nick Mears
Vice Chairman Executive Vice President Senior Vice President Senior Analyst Analyst
T +1 512 499 4916 T +1 512 482 5515 T +1 512 499 4979 T +1 512 482 5525 +1 512 482 5549
C +1 512 917 1592 C +1 512 297 9331 C +1 512 605 8604 connor.moore@cbre.com nick.mears@cbre.com
charles.cirar@cbre.com michael.wardlaw@cbre.com colin.cannata@cbre.com

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