Institutional Property Advisors Brokers 10 Class A Multifamily Property Sales in San Antonio for $568.45 Million
November 19 2021 - 10:00AM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of 10
multifamily assets totaling 2,290 units in San Antonio, Texas over
10 weeks. The properties sold for a total of $568.45 million.
“Market conditions for investors in pursuit of Class A
multifamily assets in San Antonio are stronger than ever,” said
Will Balthrope, IPA executive director. “Household formation in the
booming Interstate 35 corridor is lowering vacancy, while
single-family home prices surge, and the low inventory of homes for
sale is boosting demand for top-quality apartments.” Construction
in the metro declined this year to its lowest level since 2012,
demand grew faster than supply, and availability decreased, paving
the way for increased rent growth, according to Marcus &
Millichap’s San Antonio Metro Area Research Report.
Balthrope and IPA’s Drew Garza represented the sellers and
procured the buyers, consisting of real estate investment and
pension funds, developers, private investment companies, local,
national and global investors. “Our IPA team in San Antonio is
generating over 20 property tours on each sale, which produces
great competition and drives optimal pricing for our sellers,”
added Garza. The San Antonio area is on track to see the strongest
annual rent growth in at least 20 years due to the in-migration of
nearly 30,000 new residents and the creation of over 20,000 new
households, which will outpace supply, according to Marcus &
Millichap. Apartment vacancy is expected to end the year at 4.2%;
the lowest year-end rate since at least 2000.
Constructed between 2005 and 2020, the properties are located
throughout San Antonio. The sales took place between August 17 and
November 2 and include The Mark Huebner Oaks, a 361-unit asset
built in 2018, Celeste at La Cantera, a 300-unit property
constructed in 2018, and Palmetto Pointe, which has 328 units and
was completed in 2021.
“IPA covers San Antonio and every major metro in Texas with one
team of multifamily property investment specialists who source the
most qualified buyers and obtain the best prices for our sellers,”
added Balthrope.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals
located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate
investment sales, financing, research and advisory services.
Founded in 1971, the firm closed 8,954 transactions in 2020 with a
value of approximately $43 billion. Marcus & Millichap has
perfected a powerful system for marketing properties that combines
investment specialization, local market expertise, the industry’s
most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211119005306/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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