Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Edge & Stone, a newly constructed 335-unit multifamily property in San Antonio, Texas.
“Edge & Stone’s lease-up performance—an average of 30-to-40 leases per month—demonstrates the significant demand this type of superior luxury suburban asset can attract,” said Will Balthrope, IPA executive managing director. Balthrope, and IPA’s Drew Garza represented the seller, Thompson Realty Capital, and procured the buyer, PEM Real Estate Group. “Edge & Stone provides residents with an unmatched living experience near Stone Oak, one of San Antonio’s leading job growth centers, which has outstanding demographics, home values, and schools,” added Garza.
The property is near access to U.S. Route 281 and the Stone Oak Medical Center, North Central Baptist Hospital and Methodist Hospital Stone Oak. Employers in the vicinity include JPMorgan Chase’s regional headquarters, the iHeartMedia Campus, USAA’s world headquarters, Valero, and the San Antonio International Airport. Shopping is nearby at The Village at Stone Oak, Stone Ridge Market and Northwoods Shopping Center. Downtown San Antonio is 15 miles away.
Built on 22 acres in 2020, Edge & Stone has a large resort-style pool with cabana, outdoor music and television, deluxe grill stations, an open-air social area, and a dog park. Apartment floor plans have natural light, quartz or granite countertops, designer lighting and plumbing fixtures, and private patios and balconies. Select units have smart locks.
“The San Antonio multifamily market has shown its resiliency during the economic disruption caused by the pandemic,” added Balthrope. “With longstanding relationships in the city and throughout Texas, our team is adept at providing investors with real-time market knowledge and opportunities best suited to fulfill their investment requirements.”