SAN ANTONIO, Feb. 6, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Boulevard at Sonterra, a 326-unit multifamily asset in the Stone Oak master-planned community in San Antonio, Texas.
“This low-density multifamily property is located in the most prolific growth corridor in San Antonio,” said Will Balthrope, IPA executive managing director. “The asset benefits from an increasing amount of large corporate employers and the San Antonio MSA is predicted to grow by 7.47 percent by 2022.” Balthrope, Drew Kile, IPA senior managing director and IPA senior associates Drew Garza and Jordan Featherston represented the seller, Short Real Estate, and procured the buyer, Kairoi Residential. “The previous owner upgraded 50% of the property, creating opportunity for a new investor to continue and expand the enhancement program,” added Kile.
Built in 2000 on 16.87 acres, the property is one block from Loop 1604 and close to the U.S. Highway 281/Loop 1604 interchange. Methodist Stone Oak Hospital and North Central Baptist Hospital are within walking distance and the property is less than five miles from San Antonio International Airport and 20 minutes from Downtown San Antonio. Nearby employers include JPMorgan Chase, Clear Channel Communications, the South Texas Medical Center and USAA. The three-story, garden-style apartment community offers one-, two- and three-bedroom floor plans. The average unit size is 973 square feet.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.