Institutional Property Advisors Brokers San Antonio Multifamily Sale
SAN ANTONIO, Aug. 20, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Vecina Apartment Villas, a 297-unit multifamily property in San Antonio, Texas.
“Vecina Apartment Villas, developed by LIV Development in 2020, offers residents an unmatched standard of living, given its top-of-the-line community amenities as well as in-unit features including stainless-steel appliances and luxurious modern finishes,” said Will Balthrope, IPA executive managing director. Balthrope and IPA’s Drew Garza represented the seller and procured the buyer, Passco Companies.
“We are incredibly pleased with the finished product at Vecina,” said Andrew Murray, LIV’s Managing Director of Development. “The site laid out perfectly for us to design a highly-amenitized community with incredible views of the surrounding landscape.”
“Given Vecina’s high quality of construction, unique design details and its location within the prominent Stone Oak submarket, the asset experienced a rapid lease up and was able to increase rents throughout the marketing process which served as a great long-term investment property for the buyer,” added Garza. “The vast exposure we were able to circulate for this property culminated with a highly competitive sales process, ultimately securing a buyer who saw all the value that Vecina offers.”
Conveniently located in San Antonio’s booming far north central corridor, Vecina Apartment Villas residents benefit from an increasing amount of large corporate employers, high-end retail, entertainment, and dining options nearby. San Antonio International Airport is eight miles away from the property.
Community amenities include a 10,000 square-feet clubhouse that features recreational activities, private workspaces, coffee bar and video conferencing room. The 24-hour market provides residents easily accessible snacks and drinks while the state-of-the-art fitness center boasts yoga and cross-training areas, top-of-the-line equipment and an outdoor sports turf lawn. An expansive pool and lounging areas are also on premises, with unobstructed views of Hill Country seen throughout the property.
“IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists, sourcing the most qualified buyers and obtaining the best prices for our sellers,” added Balthrope.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com