Institutional Property Advisors Negotiates Multifamily Asset Sale in West San Antonio
SAN ANTONIO, Sept. 28, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Haven at Westover Hills, a 326-unit apartment property located in the Westover Hills master-planned development in San Antonio, Texas.
“The Westover Hills submarket is the fastest-growing submarket in San Antonio,” said Will Balthrope, IPA executive managing director. “The population within a two-mile radius of the property has grown 116% since 2000.” Balthrope and IPA’s Drew Garza represented the seller, Flournoy Development Company, and procured the buyer, Terrain Capital Partners. “Haven at Westover Hills is a well-constructed, three-story walk-up property that has been impeccably maintained by an institutional investor for 15 years, creating one of our most competitive offerings this year,” added Garza. “With over 20 offers on the property, investors recognized the opportunity to continue and improve upon the value-add program initiated by previous ownership.”
Visible from State Highway 151, the property’s location near the Loop 1604 and State Highway 151 interchange provides residents with a quick commute to major nearby employers such as the National Security Agency, JP Morgan Chase, Citibank, Sea World, Microsoft Data Center, and Lackland Air Force Base. Alamo Ranch, San Antonio’s largest master-planned community is nearby, the biggest Sea World Park is within two miles and San Antonio’s largest employer, Lackland Air Force Base is three miles away.
Constructed in 2005 on 24 acres, the three-story, garden-style property’s community amenities include a resort-style pool with sundeck and heated spa, a fitness center, sand volleyball court, playground, massage room, and private garages. Apartments have nine-foot ceilings and full-size washers and dryers. The average unit size is 1,010 square feet.
“IPA in Texas handles sales for the entire state with one team of multifamily property investment specialists, who sourced the most qualified buyer and obtained the best price for our seller,” 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