Iconic Development, LLC (“Iconic”) is pleased to announce the acquisition of a 399- unit apartment complex primarily serving Hispanic working class families located in the highly desirable north central submarket of San Antonio, Texas.  Iconic purchased the property in December 2009 with a combination of institutional and high net worth investors.  The property has excellent freeway access and is surrounded by job opportunities.

The acquisition was off market and represented and above market cap rate and Iconic was able to assume below market in-place financing equivalent to 67% of the purchase price.  Iconic’s business plan is to position the asset to meet the needs of today’s underserved Hispanic families through a proprietary amenity and service-offering package while implementing its “green” rehab and interior upgrade package. Iconic expects the project to pay 7-13% cash-on-cash dividends during the four to five year hold period.

Established in 2007, Iconic Development is headquartered in Evanston, IL.  The firm owns a portfolio of more than 1,400 leasable units. The firm’s principals, who have completed over $2 billion of transactions, invest their own capital in every Iconic investment.