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| 1800 Broadway, Downtown San Antonio, TX |
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| Will Balthrope |
SAN ANTONIO, TX – Institutional Property Advisors (IPA), a
division of Marcus & Millichap serving the needs of institutional and major
private real estate investors, has arranged the sale of 1800 Broadway, a
230-unit apartment building located north of downtown San Antonio in the city’s
Lower Broadway Corridor.
The terms of the sale were not released.
IPA executive director Will Balthrope
and IPA director Drew Kile represented the developer, Criterion Property
Company, LP of Dallas and Boston, and its equity partner, Cypress Real Estate
Advisors of Austin. The property was
professionally managed by Greystar Real Estate Partners.
The buyer is Churchill Forge Properties, a Boston-based
firm. One of Churchill Forge Properties’ owners, Paul Resnek, is based
in San Antonio.
“This
premier multifamily commercial real estate investment asset is at the epicenter
of growth near the Pearl Brewery in the emerging Lower Broadway Corridor, a
submarket that shows promising strong future rent growth as it continues to
draw residents at a record pace,” says Balthrope.
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| Drew Kile |
“This is the first
multifamily asset in this submarket to sell, and it sets a great standard for
all high-end multifamily assets in the San Antonio market.”
“Compared
to other Texas urban infill submarkets, the Lower Broadway Corridor is in the
infancy of its growth,” Balthrope continues.
“Strong existing demand,
demonstrated by record lease-ups, will continue as more office, retail and
entertainment options are added.
"The
area is emerging as a location of great interest to renters and investors, much
as Uptown Dallas and Galleria Houston evolved,” Balthrope concludes.
1800
Broadway is on the corner of Broadway and Grayson streets directly across the
street from the large mixed-use Pearl Brewery development, home of the Culinary
Institute of America, many high-end retailers and 14 award-winning restaurants.
Multiple on- and off-ramps for U.S. Route 281 and Interstate 35 are nearby and
the world-famous San Antonio River Walk, featuring a hike/bike trail and
riverboat shuttles that run throughout downtown San Antonio, is two blocks
away. There are more than 119,000
jobs—55 percent more than in any other San Antonio location—within a three-mile
radius of the property.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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