Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Pecan Springs, a 344-unit, stabilized asset in the Far Northwest submarket of San Antonio, Texas.
“Situated in a submarket that ranks the highest in the city in terms of rent growth, averaging 18.8 percent in 2021 while achieving 96.7 percent occupancy, Pecan Springs is prominently located just off Interstate 10 near the Loop 1604 intersection,” said Will Balthrope, IPA executive managing director. “This asset boasts strong historical performance, averaging 96 percent occupancy in the trailing 12 months while growing effective rents 13 percent.” Balthrope and IPA’s Drew Garza represented the seller, American Landmark and procured the buyer, StoneRiver Company. “Pecan Springs’s proximity to leading entertainment and retail resources such as The Rim and The Shops at La Cantera, and major employment centers, made this an attractive asset to prospective buyers,” added Garza. “We held a highly competitive sales process for Pecan Springs as buyers gravitated to the continuous population and economic growth of the San Antonio submarket where 100,000 additional jobs are expected by 2025.”
“StoneRiver Company has had success in San Antonio in the past, with our development of Avocet in 2016, and we are excited to be back in the market,” said Joseph Welden, president and chief investment officer of StoneRiver Company. “Pecan Springs is the third acquisition in StoneRiver Investment Fund II, and we are confident that the property’s location and the area’s strong employment base will help make for another successful investment for StoneRiver and our investors.”
Pecan Springs is a three-story, garden-style property built on 16 acres in 2013. The property has Hill Country views and a low-density site plan with mature oak trees and ample greenspace. Apartments have nine-foot ceilings, stainless-steel appliances and pendant lighting.
Balthrope added, “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.”
