Institutional Property Advisors Brokers 10 Class A Multi-Family Property Sales in San Antonio for $ 568.45 million

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SAN ANTONIO, November 19, 2021– (BUSINESS WIRE) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of 10 multi-family assets totaling 2,290 units in San Antonio, Texas, out of 10 weeks. The properties were sold for a total of $ 568.45 million.

“Market conditions for investors looking for Class A multi-family assets in San Antonio are stronger than ever,” said Will Balthrope, executive director of IPA. “Household formation in booming Interstate 35 corridor drives vacancy rates down, as single-family home prices rise and low inventory of homes for sale drives demand for higher-quality apartments . Construction in the metro has fallen this year to its lowest level since 2012, demand has grown faster than supply and availability has declined, paving the way for higher rents, according to Marcus research report & Millichap over the San Antonio metro area.

IPA’s Balthrope and Drew Garza represented sellers and recruited buyers, comprised of real estate and pension funds, developers, private investment firms, local, national and global investors. “Our IPA team in San Antonio generates over 20 property visits on every sale, which creates great competition and generates optimal prices for our sellers,” added Garza. The San Antonio area is on track to experience the strongest annual rental growth in at least 20 years due to the immigration of nearly 30,000 new residents and the creation of more than 20,000 new households, which will exceed the offer, according to Marcus & Millichap. Vacancy for apartments is expected to end the year at 4.2%; the lowest year-end rate since at least 2000.

Built between 2005 and 2020, the properties are located throughout San Antonio. Sales took place between August 17 and November 2 and include The Mark Huebner Oaks, a 361 unit asset built in 2018, Celeste in La Cantera, a 300 unit property built in 2018, and Palmetto Pointe, which has 328 units. units and was completed in 2021.

“IPA covers San Antonio and all of the major subways in Texas with a team of multi-family real estate investing specialists who seek out the most qualified buyers and get the best prices for our sellers,” added Balthrope.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), one of the leading commercial real estate services companies in North America. IPA’s combination of real estate investing and capital markets expertise, cutting-edge technology and acclaimed research provides customized solutions for the acquisition, disposal and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and finance professionals across the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, finance, research and services. -advice. Founded in 1971, the company closed 8,954 deals in 2020 worth approximately $ 43 billion. Marcus & Millichap has developed a powerful property marketing system that combines investment specialization, local market expertise, the industry’s most comprehensive research, cutting-edge technology and relationships with the largest pool of investors. qualified. For more information, please visit: www.MarcusMillichap.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211119005306/en/

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Gina Relva, Vice President of Public Relations
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