Challenge:
Milam Investors seized an opportunity to acquire this nine-story, Class-B office building situated on 4.43 acres located in San Antonio’s northeast submarket along Interstate Loop 410 between Broadway and Nacogdoches.

Strategy:
Milam purchased this 94,453-square foot property at 85 percent leased with intent to take advantage of future rollover and rising rental rates. The company also strategically implemented a capital improvement plan to renovate the common areas and leasing space that needed updating.

Results:
Milam Investors sold this property in 2005 to be used as a corporate headquarters, and the partnership’s internal rate of return equaled 22 percent.