Institutional Property Advisors Closes Multifamily Asset Sale in San Antonio
SAN ANTONIO, Aug. 24, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Celeste at La Cantera, a 300-unit multifamily asset in San Antonio, Texas.
“Developed in 2018 by USAA Real Estate and Cambridge Development Group, Celeste at La Cantera is a premier asset, providing unit features and community amenities unlike anything in the surrounding area,” said Will Balthrope, IPA executive managing director. Balthrope and IPA’s Drew Garza represented the seller, USAA Real Estate, and procured the buyer, Churchill Forge Properties.
“With the property located walking distance to the award-winning Shops at La Cantera to the west and the newly announced Town Center at La Cantera to the east, residents at Celeste at La Cantera enjoy numerous community amenities such as 191 retail, dining and entertainment options and plentiful park and trail areas connecting to the San Antonio Trail System via the Leon Creek Greenway,” added Garza. “Celeste at La Cantera’s prime location, exceptional amenities and the ability to purchase an asset from a world class developer like USAA Real Estate, resulted in one of IPA’s most competitive bidding processes. We fielded numerous credible and competitive offers from investors who viewed this as a once in a lifetime acquisition opportunity.”
Unit features include quartz countertops, stainless steel GE appliances, luxe plank flooring, expansive ceiling heights and elaborate community amenities such as a rooftop infinity-edge heated pool, sky lounge terrace and luxury fitness club.
The property has convenient access to Valero Energy, South Texas Medical Center, USAA, UT at San Antonio, NuStar Energy, Security Services, and many other high-revenue producing job centers in the prolific IH-10 growth corridor. The asset, prominently situated at the intersection of Loop 1604 and Interstate 10, is visible to 120,000 vehicles per day and offers residents excellent mobility to all points of interest throughout the city.
“IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists, who source the most qualified buyers and obtain 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