SAN ANTONIO, Dec. 12, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Savannah Oaks, a 332-unit multifamily asset in San Antonio, Texas.
“Northwest San Antonio has some of the city’s best demographics and is its fastest-growing employment center,” said Will Balthrope, IPA executive managing director. Balthrope, and IPA senior associates Drew Garza and Jordan Featherston represented the seller, Koontz Corporation and procured the buyer Sherman Residential.
“Located within San Antonio’s largest service employment market, Savannah Oaks is a valuable long-term investment with a durable income stream,” added Garza.
The property is situated near Loop 1604 and Interstate 10 on Vance Jackson Road. The Rim, a 3-million-square-foot outdoor retail center is close by and the corporate headquarters of USAA, Valero, and NuStar Energy are within a short drive. Nearby major employment centers include the South Texas Medical Center, Medtronic, and the University of Texas at San Antonio. Directly north of the property, the Landmark Centre, a 32-acre, mixed-use development is being constructed. Developers are also planning a 114-acre, $320 million master-planned community across from Savannah Oaks on Interstate 10.
“Historically, apartments built in or near the Loop 1604/Interstate 10 submarket have enjoyed a steady stream of rental traffic,” commented Featherston. Built in 2016 on more than 20 acres, the three-story garden-style community has a full complement of resort-style amenities and a wide variety of unit features and amenities.