Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Verandas at Shavano, a 288-unit multifamily asset in the Far Northwest submarket of San Antonio, Texas.
“San Antonio’s high quality of life and outstanding rent growth prospects are bringing new buyers into this dynamic Sun Belt market,” said Will Balthrope, IPA executive managing director. Balthrope and Drew Garza, IPA director, represented the seller, American Landmark, and procured the buyer, MLG Capital. “Strong demographics and the presence of major employers make the northern segment of the metro especially attractive to yield-focused investors,” added Garza. “Built in 2014, Verandas at Shavano gives the buyer a prime opportunity to add value.”
Located off Loop 1604 near the Interstate 10/Loop 1604 interchange, the property is close to employment at the South Texas Medical Center, USAA, Valero Energy, and the University of Texas at San Antonio. Two of San Antonio’s premier mixed-use developments, The RIM and Town Center at La Cantera are minutes away. From La Cantera, residents can easily visit Six Flags Fiesta Texas and enjoy golf at La Cantera Golf.
Situated on 16 acres, the three-story, garden-style property has lush landscaping, three onsite dog parks and a beach-entry pool with a cascading waterfall and sundeck. Apartments have nine-foot ceilings and washers and dryers. The average unit size is 829 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.