IPA Arranges 276-Unit Luxury Apartment Complex Sale
Oct 21, 2016
SAN ANTONIO, Oct. 21, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Boardwalk Med Center, a 276-unit, luxury apartment community in northwest San Antonio, Texas.

“The acquisition provides new ownership with an opportunity for long-term stability and value appreciation in a growing northwest San Antonio location,” says Will Balthrope, IPA executive director. “The property is proximate to the city’s medical center submarket, which during the last quarter of 2015 achieved an annual rent growth rate of 6.6 percent.”

Balthrope, Drew Kile, IPA senior director and Jordan Featherston, IPA associate represented the seller and procured the buyer, an affiliate of Starlight U.S. Multi-Family. Starlight now owns more than 9,000 apartment units in the United States.

“Northwest San Antonio has become the area’s largest service employment market, and should continue to provide a steady stream of residents, making Boardwalk Med Center a long-term investment with excellent prospects,” adds Kile.

The property is located at 7838 Huebner Road in San Antonio, near the South Texas Medical Center, the University of Texas at San Antonio and the world headquarters of USAA.

Completed in two phases in 2011 and 2014, Boardwalk Med Center’s community amenities include a resort-style swimming pool, a state-of-the-art fitness center, an outdoor fire pit, and a dog park. Apartments feature granite kitchen countertops, black appliances, dark-stain cabinets and full-size washers and dryers.