Alamo Towers consists of two towers of nine floors each. Occupancy rate was 51% at acquisition while comparable properties are 95%. The asset is an iconic building of San Antonio located in a desirable working environment and offers covered parking spaces. The location is extremely convenient to two major freeways and just five minutes from the San Antonio International Airport. Capital expenditures are estimated to be $2.17M, which includes elevator, HVAC, a new roof on the East Tower, exterior, and common area interior upgrades. The average rent per square foot is was $18 at acquisition while the average for competitors is $22 to $25 per square foot.
San Antonio, TX
Alamo Towers is a Class B asset with two buildings totaling 185,082 square feet of leasable space. It is considered as an iconic property in San Antonio (the “Alamo” city). The property is strategically located on the northeast loop of Interstate 410, just minutes from the San Antonio International Airport. The asset has panoramic views of San Antonio and the suburban skyline and offers quick and convenient access to all parts of the city. The property has a niche location with unmatched visibility and frontage along Loop 410.