Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of 1800 Broadway, a 230-unit, mid-rise multifamily asset in San Antonio, Texas.
Drew Garza, IPA senior vice president and Will Balthrope, IPA executive managing director brokered the sale on behalf of the seller and the New York-based IPA Capital Markets team of Marko Kazanjian and Andrew Cohen secured $31.8 million in acquisition financing with Prime Finance on behalf of their client, a joint venture between OTH Capital, an Austin-based, vertically integrated private equity firm with a focus on the acquisition and development of residential real estate, and Pearlmark, an institutional investment manager focused on value-add multifamily and industrial opportunities.
“This urban, core-plus asset was highly sought after by family offices, private syndicators, discretionary funds and institutional buyers due to its micro location surrounded by new Class A-plus office developments within walking distance of The Historic Pearl, San Antonio’s finest development for living, working, and gathering,” said Drew Garza, IPA senior vice president. “The new office developments and employers that surround 1800 Broadway, including Frost Bank, Credit Human, and CPS Energy reflect the 4.4% employment growth San Antonio has experienced in the past year, which ranks as the nation’s third highest,” said Balthrope.
Located in the Lower Broadway corridor, 1800 Broadway is steps from the Pearl District’s 23 acres of dining, retail, and office space and close to the San Antonio River Walk. Downtown San Antonio, the headquarters of Jefferson Bank and H-E-B are nearby. Shopping and entertainment are in the vicinity at The Shops at Rivercenter, Pearl Brewery, and the San Antonio Museum of Art.
“Our IPA Capital Markets team is honored to be OTH’s trusted advisor for all the capital markets needs within their portfolio,” said Kazanjian. “It was a pleasure collaborating with OTH and their partner, Pearlmark, to ensure a smooth and efficient closing process within 45 days, securing multiple competitive bids.” Nicholas Yarnall, principal at OTH Capital stated: “We are grateful to the IPA team for giving us another opportunity to demonstrate our ability to execute a smooth transaction for all parties. Thanks to our partners at Pearlmark and Prime Finance for making it easy. The Pearl District, the jewel of San Antonio, is an example of what every city and business community should aspire to create. We are thrilled to get to work rejuvenating an impeccably positioned asset to be part of the continued growth and vibrancy that is still to come in the area.”
“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,” Balthrope added.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
