SAN ANTONIO, November 19, 2021–(BUSINESS WIRE)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 10 multifamily assets totaling 2,290 units in San Antonio, Texas over 10 weeks. The properties sold for a total of $568.45 million.
“Market conditions for investors in pursuit of Class A multifamily assets in San Antonio are stronger than ever,” said Will Balthrope, IPA executive director. “Household formation in the booming Interstate 35 corridor is lowering vacancy, while single-family home prices surge, and the low inventory of homes for sale is boosting demand for top-quality apartments.” Construction in the metro declined this year to its lowest level since 2012, demand grew faster than supply, and availability decreased, paving the way for increased rent growth, according to Marcus & Millichap’s San Antonio Metro Area Research Report.
Balthrope and IPA’s Drew Garza represented the sellers and procured the buyers, consisting of real estate investment and pension funds, developers, private investment companies, local, national and global investors. “Our IPA team in San Antonio is generating over 20 property tours on each sale, which produces great competition and drives optimal pricing for our sellers,” added Garza. Click to read more at www.finance.yahoo.com.