Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of McCarty Commons, a newly constructed, 249-unit apartment complex in San Marcos, Texas.
“Employment opportunities in the Greater San Marcos region have increased nearly 40% during the last 10 years, and from 2010 to 2018 the population grew 46%,” said Will Balthrope, IPA executive director. Balthrope, IPA’s Jordan Featherston and Drew Garza, in collaboration with Kent Myers, Marcus & Millichap senior vice president investments, represented the seller, Kalterra Capital Partners, and procured the buyer, a private family office. “Within a 45-mile radius of San Marcos, there are 33% more workers per capita than the national average,” noted Featherston. “That’s a talent pool of about 1.3 million people.”
San Marcos is located between Austin and San Antonio along the Interstate 35 Corridor, and McCarty Commons provides its residents with convenient access to Interstate 35. The Amazon SAT2 fulfillment center, Texas State University, Downtown San Marcos Square, and the San Marcos Premium Outlet malls, the largest outlet shopping center in the United States, are nearby. “Nicknamed ‘San Marvelous’ in recognition of its abundance of natural beauty, San Marcos is an attractive place to live and work and the city’s strong economic fundamentals support its multifamily property owners,” added Myers.
“As the IH-35 corridor between Austin and San Antonio continues to grow, so does the competitive landscape for investment sales,” continued Featherston. “McCarty Commons was a highly contested asset that ultimately traded to a private family office from Asia that is a first-time multifamily owner. That story demonstrates that San Marcos, Texas is on the map from a global perspective.”
Built in 2020 on 10 acres, the property has luxury apartment and community amenities such as nine-foot loft-style ceilings, private patios or balconies, a swimming pool, fitness center, pet park and bocce ball and sand volleyball courts.
“IPA provides multifamily investors with investment opportunities in Texas Hill Country and throughout the state,” added Balthrope. “Our ability to serve clients with one Texas-based team was a major factor in the successful closing of this transaction.”