Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Overlook at Stone Oak Park, a 360-unit apartment asset located in the Stone Oak master-planned community in San Antonio, Texas.
“This distinctive property is located in a highly visible location within one of the most prolific growth corridors in the city,” said Will Balthrope, IPA executive managing director. “The Stone Oak submarket has award-winning schools and outstanding demographics. Single-family home prices range from $500,000 to $3 million.” Balthrope, and IPA’s Drew Garza represented the seller, CAF Capital Partners and Trinity Private Equity Group, and procured the buyer, Univest, Inc. “Overlook at Stone Oak Park’s unique limestone bluff setting and stunning views of the Texas Hill Country make it stand out from the competition,” added Garza.
The property is located near the U.S. Highway 281/Loop 1604 interchange, just north of Stone Oak Parkway, and a short distance from Stone Oak Medical Center, iHeart Media, and JPMorgan Chase. Other major employers in the vicinity include USAA, Valero and the San Antonio International Airport. Stone Ridge Market and Village at Stone Oak provide shopping and entertainment that are easily accessible from the community. TPC San Antonio, home to two PGA Tour-caliber golf courses, and JW Marriott San Antonio Hill Country Resort & Spa are five miles away.
Constructed in 2014 on 27 acres, the two-story garden-style property has 18 apartment buildings and a clubhouse. The average unit size is 986 square feet. Apartments have ground-level private entries and private balconies or patios. The amenity package includes a resort-style swimming pool, a fitness center and direct access to Stone Oak Park and Bear Cave Trail.
“The San Antonio metro area grew by 12% between 2010 and 2016 and is predicted to increase by an additional 7.5% by 2022,” added Balthrope. “A key element in the success of this closing is IPA’s ability to cover San Antonio and all major markets in Texas with a single dedicated team.”