Institutional Property Advisors Closes San Antonio-Area Multifamily Asset Sale
June 17, 2024
NEW BRAUNFELS, Texas, June 17, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Villas at Sundance, a 252-unit multifamily asset in New Braunfels, Texas.
“One of the fastest-growing cities in the nation, New Braunfels’ population has increased by nearly 40% over the past five years, and the submarket has the highest multifamily occupancy rate in in the entire San Antonio metro area,” said Will Balthrope, IPA executive director. Balthrope and IPA’s Drew Garza and Ben Kalter of Marcus & Millichap represented the seller, entities affiliated with Railfield Partners and procured the buyer, Viking Capital. “Built in 2012, Villas at Sundance provides the buyer with an exceptional first-generation opportunity to add value with an interior renovation program,” said Garza.
The property is located near Interstate 35 and State Highway 46 between Austin and San Antonio in the Texas Innovation Corridor, home to a diverse range of industries, including technology, healthcare, life sciences, manufacturing, and education. Amazon, with more than 5,000 employees, is the region’s largest employer. The area also has top universities, such as the University of Texas at Austin, the University of Texas at San Antonio, Texas State University, and Texas A&M University Central Texas. The San Marcos Premium Outlets and New Braunfels Town Center at Creekside, a 400-acre master-planned, mixed-use development are within a short drive.
Villas at Sundance is a three-story, elevator-served, garden-style property with a resort-style pool, business center, and pond. Apartments feature open floor plans, full-size washers and dryers, and kitchen pantries. The average unit size is 931 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.
“One of the fastest-growing cities in the nation, New Braunfels’ population has increased by nearly 40% over the past five years, and the submarket has the highest multifamily occupancy rate in in the entire San Antonio metro area,” said Will Balthrope, IPA executive director. Balthrope and IPA’s Drew Garza and Ben Kalter of Marcus & Millichap represented the seller, entities affiliated with Railfield Partners and procured the buyer, Viking Capital. “Built in 2012, Villas at Sundance provides the buyer with an exceptional first-generation opportunity to add value with an interior renovation program,” said Garza.
The property is located near Interstate 35 and State Highway 46 between Austin and San Antonio in the Texas Innovation Corridor, home to a diverse range of industries, including technology, healthcare, life sciences, manufacturing, and education. Amazon, with more than 5,000 employees, is the region’s largest employer. The area also has top universities, such as the University of Texas at Austin, the University of Texas at San Antonio, Texas State University, and Texas A&M University Central Texas. The San Marcos Premium Outlets and New Braunfels Town Center at Creekside, a 400-acre master-planned, mixed-use development are within a short drive.
Villas at Sundance is a three-story, elevator-served, garden-style property with a resort-style pool, business center, and pond. Apartments feature open floor plans, full-size washers and dryers, and kitchen pantries. The average unit size is 931 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.