REO Sale: Palatia Apartments | Value-Add Multifamily

Starting Bid: $2,500,000

Auctioneer: Lamar P. Fisher

Auctioneer Company: Fisher Auction Company Inc.

Auctioneer License: 10344

• Exceptional Value-Add Upside: With 380 units available for lease-up, a new owner can capture immediate NOI growth.

• Significant Built-In Rent Growth Upside: Market rents run 18% above in-place leases, unlocking immediate income upside for a buyer.

• $3M+ Already Invested In Renovations: New roofs, HVAC, plumbing, and unit renovations set the stage for a rapid turnaround.

• Resort Pool, Clubhouse & Gated Grounds: Waterfall pool, clubhouse, gated entry, and landscaped grounds pair with updated unit interiors.

Brokered by Northmarq and powered by RealINSIGHT Marketplace, 10362 Sahara Drive in San Antonio, Texas is a 546-unit garden-style apartment community spanning 49 buildings across 18.087 acres in North Central San Antonio, 1.4 miles from San Antonio International Airport and minutes from Loop 410 and US-281. Built in 1968, the property offers eleven floor plans from studios to two-bedroom/two-bath units averaging 640 square feet within a gated community featuring a resort-style pool with a rock waterfall, clubhouse, and landscaped grounds, and is on the front end of a major repositioning, with 380 units of lease-up upside remaining. The seller has already invested roughly $3.05 million in trailing-twelve-month capital expenditures, including roof replacements, HVAC and plumbing upgrades, and unit renovations, positioning a buyer to acquire this asset at a low basis, mid-turnaround. In-place leased rents of $647 per unit trail average market rent of $761 per unit, an 18% loss-to-lease. Zoned to North East ISD and surrounded by major employers including the airport, Oracle, SWBC, and the South Texas Medical Center, the property draws on a deep, diversified renter base in one of the nation's fastest-growing major metros. San Antonio's continued growth fuels demand for workforce housing near the airport, giving this asset a rare combination of scale, location, and embedded upside.