Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Axis at The Rim, a 308-unit apartment property in The Rim, a master-planned, mixed-use development in the Forest Crest neighborhood of San Antonio, Texas.
“With a dwindling supply pipeline in comparison to previous years and units being absorbed at an increasing pace with minimal concessions, the Northwest San Antonio submarket has been performing exceptionally well,” said Will Balthrope, IPA executive managing director. Balthrope and IPA’s Drew Garza represented the seller, Chicago-based Sherman Residential, and procured the buyer, an affiliate of Treeline Multifamily Partners Ltd. “Recent rent growth in the immediate submarket, coupled with strong occupancy forecasts created a highly competitive marketing campaign for the asset,” added Garza. “Throughout the marketing process, the property demonstrated continuously improving trends that generated a robust amount of activity in terms of tours and offers on the property. Ultimately, the asset was awarded to the most qualified buyer.”
The property is located just off Interstate 10, 15 miles northwest of Downtown San Antonio, within minutes of major employment centers and the city’s largest employers, including NuStar Energy, the University of Texas at San Antonio, Valero Energy, USAA, Medtronic, and Security Service Federal Credit Union. The Rim shopping mall is a half-mile away. Constructed in 2016 on 10.5 acres, Axis at The Rim is a gated community with a resort-style pool, fitness center, sundeck and courtyard. The property’s studio, one-, and two-bedroom apartments have high ceilings, dishwashers, and walk-in closets.
“IPA in Texas handles sales for the whole state with a single team of dedicated multifamily property investment specialists who sourced the ideal buyer and obtained the best price for our seller,” added Balthrope.