Executive Summary Colliers is pleased to present New Forest Haven, a unique and compelling deal that offers a dual-path investment opportunity in one of San Antonio’s most dynamic submarkets. Currently operating as a 55+ senior living community, the property is being offered as two clear value propositions: “as-is” to continue serving a stable, age-restricted demographic—or repositioned with minimal renovation costs into a conventional market-rate multifamily asset, capitalizing on San Antonio’s robust rental demand. New Forest Haven offers investors the flexibility to capture stable cash flow through its existing senior living operation or realize outsized returns by converting to a market-rate multifamily asset. Both strategies benefit from excellent location fundamentals, a well-maintained physical plant, and attractive basis metrics. This dual-track approach provides a clear risk-adjusted path to value creation, making New Forest Haven a standout opportunity in San Antonio’s competitive real estate landscape. Offer Proposition Highlights As-Is 55+ Senior Living Community Stable Cash Flow | Established rent roll with long-term, age-qualified residents (55+), generating predictable NOI Regional Demand | San Antonio’s senior population is growing steadily; current inventory of institutional senior living communities remains limited in this submarket Turnkey Management | Existing on-site team (leasing, service coordinators, maintenance) provides immediate operational continuity Upside Potential | Minor capital improvements such as unit refreshes, enhanced community programming, marketing initiatives can further bolster occupancy and drive modest rent increases within the senior segment Market-Rate Conversion High-Demand Multifamily Market | San Antonio’s overall historical natural rent growth and population influx from inbound migration support strong conventional leasing fundamentals. CapEx-Light Conversion | The building’s exterior, common-area finishes, and unit footprints already align with multifamily design standards. Converting interiors (minor kitchen/bathroom upgrades, contemporary finishes, branding) could unlock more stable occupancy and rents. Target Demographic | Young professionals, small households, and workforce renters that are underserved within this submarket, with broad lease-up potential. Basis Advantage | Acquisition basis is projected well below replacement cost. By repositioning to market rate, investors could capture more stabilized operations versus in-place senior living, yielding accelerated stabilized cash flow.