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Institutional Property Advisors Negotiates Northwest San Antonio Multifamily Property Sale

April 28, 2022
SAN ANTONIO, April 28, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Timberhill Commons, a 340-unit multifamily property built on 21.5 acres in the Leon Valley submarket of Northwest San Antonio, Texas.

“Completed in 2020, Timberhill Commons is a fully stabilized asset with high occupancy that has demonstrated exceptional effective rent growth,” said Will Balthrope, IPA executive managing director. Balthrope and Drew Garza, IPA director, represented the seller, a partnership between, San Antonio-based White-Conlee Builders and Palatine Capital Partners, and procured the buyer, Dreamstone Investments, based in Atlanta. “With the city’s largest service employment market and strong demographics, Northwest San Antonio is a particularly strong focal point for multifamily investors,” added Garza. “Overall, the city’s strong household growth outlook and limited near-term supply pressure make San Antonio a strong draw for out-of-state investors who fuel competition for assets like Timberhill.”

The property is situated on 21.5 acres less than two miles from one of the largest employers in South Texas, the South Texas Medical Center. Westover Hills, home to companies such as Philips Semiconductors, QVC, Microsoft Data Center, Sea World, Chase Bank, and Oberthur Gaming Technologies is three miles away. The National Security Agency’s Texas headquarters is nearby and access to Loop 410, which provides a quick commute to all points of San Antonio, is easily accessible to Timberhill Commons’ residents.

The three-story garden-style community has a business center, a resort-style swimming pool, a 24-hour state-of-the-art fitness center, and concierge services. Apartments have nine-foot ceilings, full-size washers and dryers, and private balconies or patios. Select units have kitchen islands with USB outlets and private fenced yards. The average apartment size is 820 square feet.

“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.

 

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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.

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