Institutional Property Advisors Closes Newly Constructed San Antonio Multifamily Asset Sale
SAN ANTONIO, Nov. 2, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Palmetto Pointe, a 328-unit garden-style apartment complex built in 2021 in San Antonio, Texas.
“The property’s core infill location presents excellent long-term growth potential,” said Will Balthrope, IPA executive managing director. “The lack of developable sites in the immediate area is slowing the pace of new deliveries.” Balthrope and IPA’s Drew Garza, represented the seller, Koontz Corporation, and procured the buyer, American Landmark.
“Northwest San Antonio is the best submarket for apartment demand in the city,” added Garza. Palmetto Pointe is located just off heavily traveled Fredericksburg Road, a primary north-south artery that connects the South Texas Medical Center to USAA and the prolific Interstate Highway 10 office, retail, and restaurant corridor. Northwest San Antonio has become the city’s largest service employment market with the South Texas Medical Center, 75 medically related institutions, 12 major hospitals, and more than 56,000 employees.
The three-story garden-style property has a resort-style swimming pool, poolside cabanas, tanning beds, an outdoor fireplace with multiple flat-screen televisions and covered and garage parking. Apartments have nine-foot ceilings, private patios, full-size washers and dryers, kitchen pantries, and garden-style bathtubs. The average unit size is 920 square feet.
“IPA handles sales for the entire state of in Texas with a single team of dedicated multifamily property investment specialists who source the most qualified buyers and obtain the best price 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