Luxury Alamo Heights Asset Sold by IPA
Dec 02, 2016

San Antonio, Dec. 2, 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 Meridian, a 146-unit luxury apartment community located near Alamo Heights, one of the most affluent neighborhoods in San Antonio, Texas.

“Meridian is a unique asset with large units and stunning golf course views located in a core submarket with high barriers to entry,” says Will Balthrope, IPA executive director. “The property’s superior location features outstanding demographics, an excellent school system and more than 75 high-end retail establishments, restaurants, and entertainment venues within walking distance.”  

Balthrope, along with Drew Kile, IPA senior director, and Jordan Featherston, IPA associate, represented the seller and procured the buyer.

“Previous ownership spent approximately $1.42 million on property upgrades,” adds Kile. “Eighty-two percent of the apartments, the clubhouse, and the common areas have received improvements and the opportunity remains to continue the upgrade program.”

The complex is located at 680 East Basse Road in San Antonio near the city’s main north-south thoroughfare, Highway 281, and Loop 410, San Antonio’s inner loop. These main arteries connect the property to the central business district, The Riverwalk, Fort Sam Houston, and the San Antonio International Airport.