SAN ANTONIO, May 30, 2017 – Institutional Property Advisors (IPA) is pleased to announce the sale of The Richland, a 192-unit apartment property in San Antonio, Texas.
“This well-maintained multifamily asset has great value-add potential that can be realized to produce significant occupancy and rent growth from the high demand generated by this outstanding location,” says Will Balthrope, IPA executive director.
Balthrope, along with IPA senior director Drew Kile and IPA associate Jordan Featherston, represented the seller, and procured the buyer.
The property is located in northwest San Antonio at 7791 Woodchase Drive, one block from Bandera Road and minutes from the South Texas Medical Center. USAA’s world headquarters is within three miles of the property and the University of Texas at San Antonio is six miles away.
“The high concentration of major employers in the vicinity should provide a steady stream of future residents, making The Richland an attractive, long-term investment,” adds Kile.