SAN ANTONIO, Dec. 19, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-property multifamily portfolio in northeast San Antonio, Texas. The properties are Park at Ventana, a 319-unit asset built in 1964 and Starcrest Apartments, a 244-unit property that was constructed in 1974.
“Located within proximity of each other, both properties have received many exterior capital improvements but no interior renovations to date,” said Will Balthrope, IPA executive director. Balthrope, IPA senior director Drew Kile, IPA’s Jordan Featherston and Drew Garza represented the seller, Omninet Capital and procured the buyer, San Antonio-based Kairoi Residential.
“Starcrest Apartments and Park at Ventana are solid assets that performed well for us and are now ready for the next stage of improvements,” added Michael Danielpour, Partner at Omninet Capital. “The portfolio’s location near major thoroughfares and the airport attracts a wide variety of residents,” added Kile.
Starcrest Apartments has frontage on Loop 410 and Park at Ventana is located within minutes of Loop 410 and Interstate 35, which provide access to San Marcos, Austin, and the greater San Antonio area. The properties are within 20 minutes of downtown San Antonio, less than five miles from San Antonio International Airport and close to the Forum at Olympia Parkway, one of the largest shopping centers in Texas. “The acquisition gives new ownership the ability to reposition the properties by improving operations and making renovations,” noted Featherston.