San Antonio: IPA Arranges Sale of 120-Unit Multifamily
Contact: Gina Relva, Public Relations Manager
InstitutionalProperty Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving theneeds of institutional and major private investors, has arranged the sale of The Ridge at Bandera, a 120-unit multifamily community in greater northwest San Antonio. The terms of the sale were not released.
IPA executive director Will Balthrope, IPA director Scott Lamontagne and Marcus & Millichap senior associate Moses Siller advised the seller, a Northeast-based opportunity fund. The buyer is a family office located in Kentucky with a Texas-based asset manager.
Brian Adams, associate director of IPA Capital Markets in Dallas, arranged the financing.
“The Ridge at Bandera’s superior location, recent upgrades and positive rent growth provide the new owner with increased cash flow potential and long-term stability in the surging San Antonio apartment market,” says Balthrope.
“This is a one-of-a-kind asset in a tight multifamily market near major employment and retail centers,” adds Lamontagne.
“IPA Capital Markets secured $6.8 million of permanent nonrecourse debt from an agency lender for this acquisition,” says Adams.
Built in 2002, the 91,200-square-foot property is located at 10950 Biering Lane in San Antonio near the intersection of Loop 1604 and Bandera Highway.
The three-story The Ridge at Bandera offers five different one- and two-bedroom floor plans. The average unit size is 760 square feet. Amenities include a swimming pool, fully appointed kitchens and an upgraded fitness center.
The property has been renovated with exterior paint, modernized kitchens and baths, and wood-style flooring. The parking lot has been resurfaced and restriped and the landscaping has been improved.
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With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.