SAN ANTONIO, March 7, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of a portfolio totaling four multifamily value-add assets in San Antonio with a total of 1,210 units.
“Located within strong submarkets, each one of these ’workforce housing’ assets provide new ownership with an outstanding opportunity to add value through unit enhancements and exterior upgrades,” says Will Balthrope, executive director. “Three of the four properties have successful upgrade programs in place and one has untouched unit interiors that are poised for upgrading.”
Balthrope, Drew Kile, senior director, and Jordan Featherston, associate, represented the seller, California-based Omninet Capital, and procured the buyer, San Antonio-based Kairoi Residential.
“The properties are all located near strong employment centers,” adds Balthrope. “Employment growth in San Antonio will rise faster than the national rate again this year, attracting new residents and creating more housing demand.”
The properties are:
Diamond Ridge North, 5235 Glen Ridge Drive, 304 units, built in 1976-1978
Parkvista Apartments, 5470 West Military Drive, 477 units, built in 1986
Pearl Park, 5100 NW Loop 410, 188 units, built in 1974
Somerset Apartments, 5335 NW Loop 410, 241 units, built in 1968