What is KADAK Multifamily's buy box?

Class A and Class B garden, mid-rise, and select high-rise multifamily communities in high-growth U.S. markets, typically 200+ units, with deal sizes from $25M to $150M+. We pursue core-plus, value-add, recapitalization, and select special situations. Full written criteria live on our Buy Box page.

Which markets is KADAK most active in?

Dallas–Fort Worth, Austin, Houston, San Antonio, Phoenix, Nashville, Charlotte, Raleigh, Atlanta, Tampa, and Orlando are core. Mountain West and Carolinas submarkets are watch-list active. We add markets when employment, in-migration, and supply dynamics justify a permanent operating presence.

How does KADAK select a market?

Four filters: diversified employment with at least two structural drivers, durable net in-migration, credible household-formation tailwinds, and a supply picture we can underwrite at the submarket level. A market that fails any of the four — even temporarily — moves to the watch list.

Will KADAK look at tertiary or secondary markets?

Selectively. A tertiary market must have a credible primary-employer thesis, real housing-formation pressure, and submarket-level supply visibility. Story deals in thin markets without that foundation are a fast no.

What vintage and unit count does KADAK target?

Class A: typically 2015+ vintage, 200+ units, in supply-absorbing submarkets. Class B: 1995–2010 vintage, 200+ units, where a defined operating thesis can drive yield-on-cost expansion through hold. We do not chase 1970s-era deep value-add as a strategy.

Does KADAK acquire student or seniors housing?

No. Our mandate is conventional market-rate multifamily — workforce and lifestyle communities serving the broad rental population. Student, seniors, manufactured housing, and short-term rentals are outside the buy box.

How does KADAK underwrite insurance and property taxes?

Bottom-up. Insurance is built off live carrier quotes and projected forward at a rate consistent with submarket loss history — never a generic CPI bump. Taxes are modeled to assessor methodology with post-sale reassessment risk priced explicitly. Both are the difference between a real underwrite and a marketing model.

Will KADAK look at new construction or lease-up assets?

Yes — at the right basis. Class A lease-up at a meaningful discount to replacement cost is one of our highest-conviction trades in the current cycle. We will not chase stabilized pricing on partially leased rent rolls.

What multifamily assets does KADAK Multifamily buy in Texas?

KADAK acquires institutional-quality Class A-, B+, and strong B multifamily communities in Texas — 100+ units, preferably 1990+ vintage, in submarkets supported by employment, school districts, and durable renter demand. We pursue core-plus, light value-add, recapitalizations, assumable-debt situations, and select special situations.

Does KADAK Multifamily review off-market and brokered deals in Texas?

Yes. We actively engage both brokered offerings and off-market conversations in Texas. Complete packages — OM, T-12, current rent roll, and in-place debt summary — receive principal-level feedback within 48–72 hours, and off-market dialogue is handled with strict confidentiality.

Will KADAK Multifamily consider recapitalizations or assumable-debt deals in Texas?

Yes. Recapitalizations, GP/LP restructurings, joint ventures with existing sponsors, and assumable-debt transactions are core to our mandate in Texas — especially where the in-place capital stack has trapped a good asset and a basis reset can restore long-hold economics.

Does KADAK Multifamily partner with local property managers in Texas?

Yes. We build long-term relationships with best-in-class regional operators in Texas to manage assets we acquire. Groups with a track record on 100+ unit Class A/B communities are encouraged to introduce their platform through our operator partnership page.

How quickly does KADAK Multifamily respond on a Texas opportunity?

On complete Texas packages that fit the buy box, we provide principal-level feedback within 48–72 hours. We are direct with brokers and sellers about whether an opportunity is a fit — no false optionality, no fishing.

What kind of property managers does KADAK Multifamily partner with in Texas?

Institutional-caliber third-party managers with a track record on 100+ unit Class A- and B+ multifamily communities in Texas. Deep on-site depth in the submarket, transparent monthly reporting, and durable local relationships matter more to us than national brand.

Does KADAK consider co-GP or operating partnerships with local sponsors in Texas?

Yes. Where a Texas sponsor has a durable operating advantage — leasing, capex execution, or long-standing local relationships — we consider co-GP structures on assets that meet our institutional buy box.

What reporting standards does KADAK expect from Texas operators?

Institutional monthly financials, weekly leasing and traffic reports, quarterly capex tracking against a board-approved budget, and a clean, auditable trail on renovations — ready for a Big-Four annual audit at the fund level.

How does KADAK handle takeover and property management RFPs in Texas?

We run a structured RFP with a takeover plan, 100-day operating benchmarks, and a defined onboarding scope — from A/R clean-up and lease audit through capex sequencing. Operators active in the Texas submarkets we track are encouraged to introduce their platform.

How do Texas operators introduce their firm to KADAK?

Use the Operator Partner form on the Property Managers page. Share portfolio size, Texas unit count under management, on-site depth in the submarket, and one or two anonymized case studies. If there is fit, a principal will follow up within one business day.

What diligence materials should a Texas seller send with a first look?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary are enough for a first-round view. Complete Texas packages that fit the buy box receive principal-level feedback within 48–72 hours — including a price indication or a clear, reasoned pass. We do not retrade on facts that were disclosed up front.

What diligence will KADAK ask a Texas broker for up front?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary. That is enough for a first-round read on a Texas asset. We come back with principal-level feedback in 48–72 hours — a price indication or a reasoned pass — and we hold our indication absent new facts.

As a Texas owner, can I explore a sale without going to market?

Yes. Off-market and pre-market Texas conversations are confidential by default. We can work under a code name where staff, lender, or market awareness is a concern, and nothing is shared with lenders, brokers, or third parties without your written go-ahead.

What will a Texas seller need to provide during diligence?

A first look needs only trailing-12 financials, the current rent roll, and a debt summary. Confirmatory diligence on a Texas asset adds leases, service contracts, tax and insurance detail, capex history, and site access. We front-load our questions so diligence is one organized pass rather than a rolling list.

Will KADAK retrade a Texas deal after going under contract?

We do not retrade on facts disclosed up front. Our Texas pricing reflects the trailing-12, current insurance quotes, and taxes re-assessed at our purchase price, so the number we sign is the number we intend to close. Price only moves if diligence uncovers something materially different from what was represented.

What does KADAK expect from a Texas property management partner?

Real presence in Texas submarkets, transparent reporting on a fixed cadence, disciplined delinquency and renewal management, and a team that will defend an underwriting assumption in a weekly call. We share full underwriting with our operators — you should know the plan you are being measured against.

How is an operator's proprietary information treated in Texas?

Fee schedules, staffing models, payroll benchmarks, and vendor pricing shared during a Texas evaluation are confidential and are never passed to a competing management firm or used as leverage in a bid against you. Portfolio references are contacted only with your permission.

What diligence does KADAK run on a Texas operator before award?

Portfolio review in and around Texas, owner references, insurance and licensing verification, a look at your reporting package and accounting stack, and a walk of a comparable managed asset. We are looking for consistency across the portfolio, not a single showcase property.

What underwriting package does KADAK provide a Texas lender?

A full model built from the trailing-12 with normalized payroll, market-quoted insurance, and taxes re-assessed at our basis, plus a unit-by-unit capex scope, the rent roll, sponsor track record, and downside cases stressed on rent and expenses. Texas exit assumptions are set at or above going-in cap rates.

How does KADAK structure debt on Texas acquisitions?

We target positive leverage at close or on a defined timeline, size to a debt-service coverage that holds in the stress case, and actively pursue assumable or attractive in-place Texas debt. We do not underwrite to cap-rate compression or rely on refinance proceeds to make the base case work.

What reporting can a lender expect after a Texas closing?

Monthly operating statements and rent rolls, quarterly variance commentary against the closing model, capex draw tracking against the approved Texas scope, and immediate notice of any event that moves coverage. Loan covenants and reserve requirements are tracked by the same team that built the underwriting.

As a San Antonio / New Braunfels owner, can I explore a sale without going to market?

Yes. Off-market and pre-market San Antonio / New Braunfels conversations are confidential by default. We can work under a code name where staff, lender, or market awareness is a concern, and nothing is shared with lenders, brokers, or third parties without your written go-ahead.

All Texas markets

Texas · MSA

Multifamily Acquisitions in San Antonio / New Braunfels

San Antonio and New Braunfels are basis-opportunity markets for KADAK — but only when concessions and vacancy are underwritten honestly. This is a market where seller pro formas often outrun operating reality, and where KADAK's discipline on in-place NOI and realistic rent growth matters more than in DFW or the corridor.

Submit a San Antonio / New Braunfels deal Full buy box

San Antonio / New Braunfels Buy Box

What we're buying in San Antonio / New Braunfels.

Preferred asset class: Class A-, B+, and select strong B multifamily
Preferred unit count: 100+ units preferred · 200+ units ideal
Preferred vintage: 1990+ vintage preferred
Preferred deal size: $25M – $150M+
Target deal types: Core-plus, light value-add, recapitalizations, assumable debt, portfolios, and select special situations
Submarkets of interest: Far Northwest San Antonio · Medical Center · UTSA · Stone Oak · Schertz / Cibolo · Seguin · New Braunfels

What we like

Below replacement cost basis
Real employment nodes (not just population growth)
Top-quartile school-district demand
Assumable or attractive in-place financing
Rent mark-to-market with credible operator plan
Recapitalization or partnership-restructure opportunities

What we avoid

1970s capex traps
Weak crime pockets
Fantasy rent growth assumptions
Property-tax underwriting based only on seller history
Overbuilt nodes without a clear basis advantage
Incomplete data rooms

Who should contact us

Owners, sponsors, family offices, developers, and investment sales teams in San Antonio / New Braunfels with 100+ unit apartment communities that fit — or nearly fit — the buy box above. We prefer direct principal dialogue and fast, honest feedback on whether the deal is a fit.

Metro Population

2.7M

Thesis

Basis-first

Underwriting

Realistic concessions

For Sellers

Thinking About Selling a Multifamily Property in San Antonio / New Braunfels?

Whether you're an owner, operator, family, sponsor, developer, or investment group navigating loan maturity, capex fatigue, partnership changes, estate planning, recapitalization needs, floating-rate debt, or simply pruning a portfolio — KADAK is a direct, long-hold institutional buyer for the right San Antonio / New Braunfels community. We move with clarity and confidentiality; if the asset fits, you'll hear it, and if it doesn't, you'll hear that too — quickly and with a real reason.

Discuss a San Antonio / New Braunfels sale Seller & broker info

For Investment Sales

For Multifamily Brokers and Investment Sales Teams

KADAK is an active reviewer of brokered offerings, quiet listings, and best-and-final processes in San Antonio / New Braunfels. We value relationship-driven dialogue — early looks, portfolio conversations, and repeat business with teams we trust. When an asset fits the KADAK buy box, feedback is fast and specific. When it doesn't, we tell you why so your next call is a better one.

Send a San Antonio / New Braunfels offering Broker page

For Operators & PMs

For Property Managers and Local Operators

KADAK partners with best-in-class regional operators in San Antonio / New Braunfels on property management RFPs, takeover planning, lease audits, capex diligence, and operating benchmarks. We rely on local operators for ground-level market feedback and expect the same discipline from our partners that we bring to underwriting.

Operator partnerships Introduce your platform

Market Brief

KADAK's View of the San Antonio / New Braunfels Multifamily Market

Demand Drivers

San Antonio has a real, durable employment base — JBSA, USAA, H-E-B, the Texas Medical Center's San Antonio footprint, and the growing cybersecurity cluster — but it does not carry the wage growth of Austin or the corporate-relocation depth of DFW. Basis and honest concession underwriting are what make San Antonio work. When those are priced correctly, KADAK is a natural buyer. Military and healthcare provide floor-level renter demand across the metro. The Stone Oak and Far Northwest nodes benefit from the top school districts (NEISD, NISD) and the highest-income renter cohort. Medical Center and UTSA carry structural, non-cyclical demand. Schertz/Cibolo and New Braunfels pull commuter demand from both San Antonio and the corridor.

Renter Profile

San Antonio / New Braunfels's renter cohort is the kind that pays rent, renews, and treats an apartment community like a home — durable household incomes, real employment ties, and retention economics that survive a cycle.

Supply and Concession Risk

San Antonio absorbed a heavy 2023–2024 supply wave, particularly in the Far Northwest and Stone Oak nodes. Concessions have been real, sometimes two months free on Class A. We underwrite concessions and vacancy at their current level — not at a stabilized reversion — and we pass on deals priced against a rent environment that hasn't shown up yet.

Tax, Insurance, and Operating Risk

Bexar, Guadalupe, and Comal reassessment behavior differs. We model each accordingly. Insurance is stress-tested against wind/hail market pricing. Neither is underwritten from the T-12.

Acquisition Fit

We'll engage decisively on San Antonio and New Braunfels deals where basis reflects the operating reality, the school-district / employment story is real, and the debt makes sense. We'll pass quickly and directly on deals priced on 2021 assumptions.

What KADAK Wants to See Before LOI

Before an LOI on San Antonio / New Braunfels, KADAK expects a complete OM, current rent roll, T-12, insurance-carrier quote, debt package, and time on-site. What we avoid: hero rent-growth pro formas, deferred-maintenance traps, weak submarket pockets, and any narrative that only works if the market keeps compressing.

Beyond the Public View

KADAK Multifamily does not rely on public web data alone for final acquisition decisions. Every deal that advances beyond initial screen requires the current rent roll, trailing-twelve financials, verified tax and insurance runs, third-party capex assessment, in-place debt documentation, submarket rent and sale comps, ownership and title verification, on-site property inspections, direct lender feedback, and formal investment committee review. Anything below is the acquisitions-team read that frames the conversation — not the underwrite.

San Antonio / New Braunfels Submarkets

Submarket pages under San Antonio / New Braunfels.

Submarket

Multifamily Acquisitions in Schertz / Cibolo

Submarket

Multifamily Acquisitions in Seguin

Submarket

Multifamily Acquisitions in Far Northwest San Antonio

Submarket

Multifamily Acquisitions in Medical Center (San Antonio)

Submarket

Multifamily Acquisitions in UTSA (San Antonio)

Submarket

Multifamily Acquisitions in Stone Oak

FAQ

San Antonio / New Braunfels multifamily — frequently asked.

Does KADAK buy multifamily properties in San Antonio / New Braunfels?+

Yes. KADAK Multifamily is an active reviewer of Class A-, B+, and strong B apartment communities in San Antonio / New Braunfels, including brokered offerings, off-market opportunities, recapitalizations, assumable-debt situations, and select special situations.

What size apartment communities does KADAK prefer in San Antonio / New Braunfels?+

In San Antonio / New Braunfels, KADAK targets 100+ unit communities (200+ ideal), 1990+ vintage preferred, in submarkets supported by real employment, real school districts, and durable renter demand. Deal sizes generally range $25M–$150M+.

Will KADAK review off-market multifamily deals in San Antonio / New Braunfels?+

Yes. Off-market and pre-market San Antonio / New Braunfels dialogue is handled confidentially. Complete packages (OM, T-12, current rent roll, in-place debt) receive principal-level feedback within 48–72 hours.

Does KADAK work with brokers in San Antonio / New Braunfels?+

Yes. KADAK maintains active dialogue with multifamily investment sales teams across San Antonio / New Braunfels — brokered offerings, quiet listings, best-and-final processes, and relationship-driven updates. When an asset fits the buy box, feedback is fast and direct.

How do I submit a multifamily deal in San Antonio / New Braunfels?+

Use the submission form on this page or the main Submit a Deal page. Complete San Antonio / New Braunfels packages that fit the buy box receive principal-level feedback within 48–72 hours.

Investor FAQ — San Antonio / New Braunfels

Underwriting, buy box, and confidentiality in San Antonio / New Braunfels.

How does KADAK underwrite a San Antonio / New Braunfels multifamily acquisition?

We underwrite from in-place cash flow, not projections. A San Antonio / New Braunfels deal is modeled off the trailing-12 with normalized payroll, insurance quoted at current market, and property taxes re-assessed at our purchase price rather than the seller's historical basis. Rent growth is held to submarket-supportable levels, loss-to-lease is verified against the current rent roll, and capex is priced from a unit-by-unit scope — not a per-door placeholder.

What return thresholds does a San Antonio / New Braunfels deal need to clear?

We look for durable going-in yield with a credible path to expansion: a stabilized yield-on-cost meaningfully above prevailing San Antonio / New Braunfels exit cap rates, positive leverage at close or on a defined timeline, and downside cases that still service debt under a stressed rent and expense scenario. We do not underwrite to cap-rate compression, and exit assumptions are set at or above going-in.

What is the buy box for San Antonio / New Braunfels apartment communities?

Roughly 100+ units (200+ preferred), 1990+ vintage, Class A- through strong B, in San Antonio / New Braunfels submarkets supported by real employment nodes, top-quartile school demand, and a basis at or below replacement cost. We actively pursue assumable or attractive in-place debt, mark-to-market rent stories, recapitalizations, and partnership restructures. We pass on 1970s capex traps, fantasy rent-growth assumptions, and overbuilt nodes without a basis advantage.

What diligence materials should a San Antonio / New Braunfels seller send with a first look?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary are enough for a first-round view. Complete San Antonio / New Braunfels packages that fit the buy box receive principal-level feedback within 48–72 hours — including a price indication or a clear, reasoned pass. We do not retrade on facts that were disclosed up front.

How does KADAK protect confidentiality on off-market San Antonio / New Braunfels opportunities?

Off-market and pre-market San Antonio / New Braunfels dialogue is treated as confidential by default. Materials are reviewed by the principal group only, never circulated to outside brokers or competing sponsors, and never used to approach an owner around the party who introduced us. We sign seller- or broker-form NDAs, and we will work under a code name where an owner is sensitive to staff, lender, or market awareness.

Will a broker's fee and relationship be protected on a San Antonio / New Braunfels deal?

Yes. On brokered and broker-introduced San Antonio / New Braunfels opportunities we honor the listing or introduction, pay fees per the engagement, and route all owner contact through the broker. A quiet look that does not proceed simply ends — we do not revisit the asset around the introducing party.

Read the full KADAK Buy Box Submit a San Antonio / New Braunfels opportunity confidentially

Answers by role — San Antonio / New Braunfels

Confidentiality and diligence, tailored to your seat at the table.

Brokers — San Antonio / New Braunfels

What brokers ask before sharing a San Antonio / New Braunfels opportunity.

As a broker, how is my San Antonio / New Braunfels listing information handled?

Everything you send on a San Antonio / New Braunfels asset stays inside the principal group. We do not circulate packages to other sponsors, co-brokers, or data aggregators, we do not use your materials to approach the owner around you, and we sign your firm's confidentiality agreement before receiving anything marked confidential. If we pass, the file is closed — not shelved for a later direct approach.

What diligence will KADAK ask a San Antonio / New Braunfels broker for up front?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary. That is enough for a first-round read on a San Antonio / New Braunfels asset. We come back with principal-level feedback in 48–72 hours — a price indication or a reasoned pass — and we hold our indication absent new facts.

Is my fee protected on a San Antonio / New Braunfels introduction?

Yes. On brokered and broker-introduced San Antonio / New Braunfels opportunities we honor the listing or introduction, pay fees per the engagement letter, and route owner contact through you. A quiet look that does not proceed simply ends.

Start a confidential conversation Read the full KADAK Buy Box

Submit a San Antonio / New Braunfels opportunity

Send us a San Antonio / New Braunfels multifamily deal.

Complete packages — OM, T-12, current rent roll, in-place debt — receive principal-level feedback within 48–72 hours. Off-market dialogue handled with strict confidentiality.

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