IPA Brokers Luxury Texas Multifamily Asset Sale
SAN ANTONIO, May 16, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Twin Creeks at Alamo Ranch, a 300-unit luxury multifamily asset in San Antonio, Texas.
“The San Antonio multifamily market continues to experience strong investor demand from a wide variety of buyers from across the country, in this case a private family office from the Upper Midwest,” says Will Balthrope, IPA executive director. “Westover Hills is one of the most vibrant submarkets in the city, evidenced by strong rental demand and fast lease-ups.”
Balthrope, Drew Kile, IPA senior director, and Jordan Featherston and Drew Garza, IPA associates, represented the seller, SWBC Real Estate, and procured the buyer.
The property is located less than 30 miles from Downtown San Antonio on the Alamo Ranch Parkway, east of Loop 1604 and near San Antonio’s largest master-planned community, Alamo Ranch. The Loop 1604/Highway 151 interchange and the Alamo Ranch shopping center are less than one mile from the community. Westover Hills, home to companies such as QVC, Microsoft Data Center, SeaWorld, and Christus Santa Rosa Hospital, is nearby. Lackland Air Force base, San Antonio’s largest employer, is 10 miles away and the University of Texas at San Antonio is 20 minutes away. Built in 2016, Twin Creeks at Alamo Ranch offers one-, two- and three-bedroom units that average 847 square feet.