Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Place at Castle Hills, a 680-unit multifamily asset located at 11800 Braesview Drive in San Antonio, Texas.
“Previous ownership completed numerous capital projects and upgraded more than 70% of the units, giving our buyer the opportunity to renovate the remaining units and fully capture significant rent premiums,” said Drew Garza, IPA senior vice president. “The property borders the Castle Hills neighborhood, where average annual household income exceeds $140,000,” said Will Balthrope, IPA executive managing director. Garza, Balthrope, and Ben Kalter of Marcus & Millichap represented the seller, MC Companies, and procured the buyer, Philadelphia-based Harvest Equities.
The Place at Castle Hills is centrally located between the city’s four major thoroughfares, U.S. Route 281, Interstate 10, Interstate 410, and Loop 1604, near San Antonio International Airport and eight miles from Downtown San Antonio. Nearby employers include USAA, iHeart Media Inc., and the South Texas Medical Center. The Alon Town Center shopping complex, San Pedro Crossing, and Park North Shopping Center are within a short drive.
Castle Hills Forest is a San Antonio neighborhood 22 minutes north of downtown. The tree-lined area has a pool, tennis courts, and park. Residents take outdoor fitness classes, cycle, and dog walk at Phil Hardberger Park. Castle Hills Forest is very family-oriented, hosting neighborhood events frequently. The community hosts seasonal events including the Halloween Party in the Park and the Polar Bear Swim. The area is home to a number of attractions, including the Holocaust Memorial Museum of San Antonio.
“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.
