Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of four multifamily properties totaling 1,267 units in San Antonio, Texas in the first quarter of 2021. The assets sold for a total of $186 million.
“After several years of soft market conditions due to new supply, San Antonio’s rent growth and positive occupancy trends in 2020 made it one of the strongest performing multifamily markets in Texas,” said Will Balthrope, IPA executive director. “The city’s ‘slow and steady’ growth characteristics are poised to improve market performance again for the next several years with many new buyers, including institutional and major private investors, diving into this dynamic Texas metropolitan area.” Balthrope and IPA’s Drew Garza and Jordan Featherston represented the sellers and procured the buyers. “Corporate relocations and expansions in San Antonio are speeding up the economy’s recovery from the pandemic,” added Garza. “Amazon has one new fulfillment center underway and another one planned for completion in 2022. Navistar has acquired additional property near its under-construction manufacturing facility in South San Antonio and in welcome news for the service sector, SeaWorld has announced its plans to add jobs.”
Built between 1998 and 2020, the properties are located in North San Antonio, Central San Antonio and the Stone Oak growth corridor. Community amenities include resort-style swimming pools, outdoor social areas, and private patios, balconies and garages. The average unit size ranges from 841 square feet to 1,096 square feet.
“IPA has a unique ability to find more private and institutional buyers by covering all major metros in Texas with one team,” added Balthrope. “This was a vital component in completing the sales of these assets.”