Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Infinity at the Rim, a 310-unit, luxury mid-rise multifamily property in San Antonio, Texas.
“Infinity at The Rim is an asset that is top-of-the-line in every way,” said Will Balthrope, IPA executive managing director. “This unique property has unit features and amenities not yet seen in our market. We had significant interest from a diverse mix of institutions and private investors, including family offices, plus new buyers to San Antonio. Truly an exceptional asset and a great result with this execution.”
Balthrope and IPA’s Drew Garza represented the seller, Tampa, Florida-based DeBartolo Development and procured the buyer, Aldon of Bethesda, Maryland. LGA Capital of Maryland arranged the financing on behalf of the buyer.
“Our IPA Texas team listed this asset prior to COVID-19 and waited for market conditions to improve before bringing it back out this year,” added Garza. “We gave a large number of tours and delivered many offers to our seller, which resulted in a very competitive process and good pricing.” The property has a hilltop location within The Rim, a 1.8-million-square-foot master-planned mixed-use development 15 miles northwest of Downtown San Antonio. Some of San Antonio’s largest and most prominent employers, including Medtronic, Clear Channel, Harland Clarke, Valero Energy, the University of Texas at San Antonio, and South Texas Medical Center are close by.
Built in 2018 on five acres, Infinity at the Rim’s studio, one-, two- and three-bedroom units have built-in speakers and USB ports, and full-size washers and dryers. The average unit size is 997 square feet. Community amenities include a roof-top terrace, an infinity-edge pool, outdoor amphitheater, and a bike storage and repair station.
“IPA covers all major multifamily markets in Texas with one team of investment professionals and this gives us a major advantage in sourcing the optimal buyer and bringing top value to our seller,” added Balthrope.
