Origin Strategic Credit Fund, a multifamily real estate credit Fund, has secured a preferred equity position in Culebra Commons, a $76.3 million, 327-unit Class A multifamily rental community in San Antonio, Texas.
The Strategic Credit Fund, managed by Origin Credit Advisers, was launched in early 2023 and is a portfolio of high-yield multifamily debt investments for qualified purchasers*. The Fund intends to capitalize on credit opportunities in the multifamily real estate market by filling gaps in the flow of credit and providing needed liquidity to lenders. In 2023, the Fund secured nearly $200 million in investments amid a highly competitive environment for private credit. Its goal is to continue that trajectory in 2024.
“The structure of the Strategic Credit Fund allows us to move to where the market is providing mispriced acquisition and disposition opportunities, based on our in-depth, data-based analysis,” said Thomas Briney, president and chief investment officer of Origin Credit Advisers. “Our position in Culebra Commons embraces the flexibility to move across a wide spectrum of multifamily investments and focus on such opportunities.”
Culebra Commons is a garden-style rental community comprising seven three-story buildings and featuring 198 one-bedroom, 104 two-bedroom and 25 three-bedroom residences. The average space per unit is 838 square feet. It was developed on a 14.1-acre parcel at 7106 Culebra Commons, in San Antonio’s West submarket.
In-unit luxury finishes include stainless-steel appliances, quartz countertops, backsplashes, wood-look flooring, smart locks and thermostats, stand-in showers, walk-in closets and private balconies. Resort-like community amenities include a luxurious clubhouse with entertainment areas, a workout facility, a resort-style pool, firepit, grilling stations, shaded seating areas, a dog park and a dog wash.
The property is located approximately 13 miles northwest of downtown San Antonio and offers excellent connectivity via Interstates 151 and 1604 to the surrounding employment hubs and downtown. Just over two miles from Culebra Commons, the $250 million Westover Hills Baptist Hospital campus is being developed and is expected to be completed sometime later this year. It is projected that the hospital campus will add hundreds of jobs in the area. Culebra Commons is an attractive apartment community for those workers.
In addition to employment drivers, the property has excellent access to nearby retail including La Cantera Mall, an HEB and a Walmart and a wide range of dining options.
