SAN ANTONIO – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Pecan Springs, a 344-unit luxury multifamily property located in Northwest San Antonio, Texas.
“San Antonio’s business-friendly climate, strong infrastructure and expanding job market support one of the strongest apartment markets in the nation,” says Will Balthrope, executive director. “Pecan Springs’ strategic, high-visibility hilltop location and the strength of the submarket’s economic fundamentals put the property in an excellent position to provide new ownership with long-term stability and value appreciation.”
“The property features a full complement of resort-style amenities and best-in- class unit features, yet the
opportunity remains to increase value through the implementation of select interior and exterior enhancements,” adds Jordan Featherston, associate.
Balthrope and Featherston represented the seller, Pecan Springs LP and procured the buyer, Robbins Electra.
The apartment complex is located near UTSA Boulevard above the Interstate 10/Loop 1604 interchange with
immediate proximity to The Rim, a 3-million- square-foot outdoor shopping center featuring high-end retailers.
Corporate headquarters within a short drive include USAA, Valero and NuStar Energy.