Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Vantage at O’Connor, a 288-unit, new construction asset in Northeast San Antonio, Texas.
“Built in 2020, Vantage at O’Connor achieved stabilization in just eight months, proving strong demand for this product type,” said Will Balthrope, IPA executive managing director. “Additionally, the immediate Northeast submarket has performed exceptionally well, achieving annual rent growth of 15.9 percent with 96 percent occupancy in Q1 2022. These valuable market fundamentals are driven by low supply and accessibility to major employment and retail drivers.” Balthrope and IPA’s Drew Garza represented the seller, Vantage Communities, and procured the buyer.
“Through our competitive sales process, the buyer pool was most attracted to the historical performance throughout the lease up. Vantage at O’Connor successfully increased rents six times before coming to market and continued to see both new leases and renewal trade outs average 15 percent throughout the escrow process, resulting in the top price for the seller,” added Garza. “Additionally, the offering was attractive to investors given its highly visible location off Loop 1604 with easy access to Interstate 35 and Highway 281, connecting residents to all points of the city. The neighboring area boosts strong demographics with a 5-mile population of 180,000 and an average household income over $91,000.”
Situated near San Antonio’s Steubing Ranch, Vantage at O’Connor residents have convenient access to popular destinations in retail, dining, entertainment, and outdoor recreation and is a short drive to Downtown San Antonio.
Balthrope added, “IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, and local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio.”
