Institutional Property Advisors Brokers San Antonio Multifamily Asset Sale
December 04, 2024
SAN ANTONIO, Dec. 4, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Place at Castle Hills, a 680-unit multifamily asset in San Antonio, Texas.
“Previous ownership completed numerous capital projects and upgraded more than 70% of the units, giving our buyer the opportunity to renovate the remaining units and fully capture significant rent premiums,” said Drew Garza, IPA senior vice president. “The property borders the Castle Hills neighborhood, where average annual household income exceeds $140,000,” said Will Balthrope, IPA executive managing director. Garza, Balthrope, and Ben Kalter of Marcus & Millichap represented the seller, MC Companies, and procured the buyer, Philadelphia-based Harvest Equities.
The property is centrally located between the city’s four major thoroughfares, U.S. Route 281, Interstate 10, Interstate 410, and Loop 1604, near San Antonio International Airport and eight miles from Downtown San Antonio. Nearby employers include USAA, iHeart Media Inc., and the South Texas Medical Center. The Alon Town Center shopping complex, San Pedro Crossing, and Park North Shopping Center are within a short drive.
Built in 1984 on 23 acres, The Place at Castle Hills is a gated, two-story garden-style property with three swimming pools, a business center, and clubhouse. Apartments have fireplaces, pantries, washers, and dryers. The average unit size is 687 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,” Balthrope added.
“Previous ownership completed numerous capital projects and upgraded more than 70% of the units, giving our buyer the opportunity to renovate the remaining units and fully capture significant rent premiums,” said Drew Garza, IPA senior vice president. “The property borders the Castle Hills neighborhood, where average annual household income exceeds $140,000,” said Will Balthrope, IPA executive managing director. Garza, Balthrope, and Ben Kalter of Marcus & Millichap represented the seller, MC Companies, and procured the buyer, Philadelphia-based Harvest Equities.
The property is centrally located between the city’s four major thoroughfares, U.S. Route 281, Interstate 10, Interstate 410, and Loop 1604, near San Antonio International Airport and eight miles from Downtown San Antonio. Nearby employers include USAA, iHeart Media Inc., and the South Texas Medical Center. The Alon Town Center shopping complex, San Pedro Crossing, and Park North Shopping Center are within a short drive.
Built in 1984 on 23 acres, The Place at Castle Hills is a gated, two-story garden-style property with three swimming pools, a business center, and clubhouse. Apartments have fireplaces, pantries, washers, and dryers. The average unit size is 687 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,” Balthrope added.
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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.