NAI Capital Completes Sale of 116-Unit Apartment Community in San Marcos, TX
Los Angeles, CA, Thursday, October 05, 2017– Senior Vice President Izzy Sanchez and Associate Mark Terrell with NAI Capital’s Multifamily Services Group completed the sale of a 116-unit multifamily investment property in San Marcos, Texas. Sanchez represented the buyer SMTX Apartments, LLC. The seller was JoCo on the River, LP. The sale price totaled $10,700,000 or $92,241 per unit representing a 6.5% cap rate.
The Curve at the River is located at 705 River Road, San Marcos, Texas. The property is a 116-unit apartment community located in San Marcos, TX, just off of Interstate Highway 35. Built in 1984, the Property features 29, well-maintained buildings situated on a beautifully landscaped, 2.4 acre site. The property was 95% occupied at the time of the sale.
Prominently located along River Road, Curve at River Road offers convenient access to San Marcos’ main highways – IH-35, Texas State Highway 123, and Texas State Highway 80. The property is conveniently located 1.5 miles from Texas State University and 5 miles from San Marcos Outlet Malls, who together employ over 5,400 employees. San Marcos’ ideal location between two of Texas’ largest metros, Austin and San Antonio, has led to explosive population and job growth fueling renter demand.
Sanchez said, “My client had to look out of state because the market for multifamily investments is currently extremely hot – pricing is high and inventory is extremely low in Southern California. We are seeing investors looking for yield in markets like Texas. This property provided my client a rate of return on investment that could not be duplicated in SoCal.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals located throughout North America, Latin America, Europe and Asia Pacific. The firm manages over 380 million square feet of property on behalf of its clients, globally. The NAI Global Capital Markets Group serves the largest institutional owners of and investors in commercial real estate.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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