Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Mosaic on Broadway, a 120-unit multifamily complex with 15,593 square feet of retail in San Antonio, Texas.
“The Mosaic on Broadway is a core, mid-rise asset in a high barrier-to-entry location within San Antonio’s prime entertainment district,” said Will Balthrope, IPA executive managing director. Balthrope and IPA’s Drew Garza represented the seller, Broadway Developments, and procured the buyer, Moody National Companies. ‘The property has extensive frontage on Broadway Street, one of San Antonio’s most prestigious thoroughfares with more than 30,000 vehicles per day,” added Garza.
The community’s location adjacent to the Pearl Brewery development places residents within easy walking distance of restaurants, the five-star Hotel Emma, and the Culinary Institute of America. Nearby U.S. 281 and Interstate 35 provide access to destinations throughout San Antonio. There are more than 131,000 jobs within a three-mile radius with employers such as South Texas Medical Center, H-E-B, USAA, Methodist Healthcare System, Baptist Health System and Rackspace Technology Inc.
Built in 2013, The Mosaic on Broadway was developed with condominium-like qualities, including extensive soundproofing. Exterior walls are eight inches deep and shared walls between apartments are six inches deep. Apartments have a modern industrial design theme, 10-foot ceilings, and city or pool deck views. Shared amenities include a resort-style rooftop pool and spa with covered veranda and outdoor grilling area, a 24-hour fitness center, and a resident lounge with media zone, coffee bar, mail center, and fenced-in dog park. The retail space, anchored by a CVS urban grocery store and pharmacy, is 100% occupied.
“Having one Texas based-multifamily team gives us the ability to bring in the most suitable buyer and procure the best price for the seller,” Balthrope added.