SAN ANTONIO--(EON: Enhanced Online News)--Tryperion Partners and Presidium Group have formed a joint venture to acquire and reposition Oakwell Springs, a 252-unit apartment community in San Antonio’s desirable Northeast submarket. Tryperion and Presidium will revitalize the property by renovating unit interiors, enhancing resident amenities, and upgrading common areas and landscaping.
“We are eager to partner with Presidium”
“We are excited to make our first acquisition in San Antonio,” said Tryperion partner Eliot Bencuya. “It is a city that fits our strategy of investing in secondary western U.S. markets with strong underlying fundamentals.”
Tryperion’s joint venture partner, Presidium, is a vertically-integrated investment and management firm specializing in Texas multifamily. Presidium will draw from its experience owning and managing over 6,000 apartment units to oversee the renovation and leasing plans for the property. “We are eager to partner with Presidium,” added Tryperion partner Joseph Kessel. “They bring a unique skill set that will maximize the potential of Oakwell Springs.”
The repositioning program will touch all areas of the project. Interior finishes will be renovated to include new appliances, new cabinetry hardware, new bathroom fixtures, and upgraded flooring. Exterior improvements will include refurbished building exteriors, enhanced landscaping, and improved pool area and fitness center amenities.
“We are pleased to form a relationship with the Tryperion team,” added Presidium co-chief executive officer Cross Moceri. “We see immense potential in Oakwell Springs and the San Antonio market as a whole. It is an ideal opportunity to use our collective experience repositioning this property into a vibrant residential community.”
About Tryperion Partners
Tryperion Partners is a Los Angeles-based private real estate investment firm focused on value-add office, retail, hospitality, and multifamily investments in secondary western U.S. markets. Tryperion’s founders have acquired and managed assets valued in excess of $4.5 billion across all commercial property types. For more information, visit www.tryperion.com.
About Presidium Group
The Presidium Group owns and operates over 6,000 apartment units in Austin, Dallas, Houston and San Antonio. Its other affiliated companies include (i) Presidium Asset Solutions, which services over $500 million of participated bank debt and successfully resolved over $500 million of distressed debt in the last year, (ii) Presidium Property Management, which manages multifamily properties owned by Presidium Group as well by select third-party clients, (iii) Presidium Construction, which currently oversees in excess of $10M of multifamily renovations and which is co-developing a new net zero multifamily community in Austin, Texas and (iv) Presidium Energy, which owns and manages over 1MW of energy from solar PV systems. For more information, visit www.presidiumre.com.