SAN ANTONIO, TX, July 19, 2012 –Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of The Venetian (top left photo), a 182,984-square foot multifamily asset in northwest San Antonio. The terms of the sale were not disclosed.
Will Balthrope (middle right photo), an IPA executive director, and Scott Lamontagne (lower left photo), an IPA director, represented the seller, a private syndicator from the Pacific Northwest. Balthrope, Lamontagne and Drew Kile, an IPA associate director, also secured the buyer, an individual investor from the Northeast.
“Strong rental conditions and attractive returns make San Antonio multifamily assets appealing to institutional investors,” says Balthrope.
“The Venetian presented the investment community with an excellent opportunity to add value,” adds Lamontagne.
“The northwest quadrant of San Antonio is known for its high concentration of corporate employers, which provide a steady flow of potential renters and job opportunities,” comments Kile.
Located at 7771 Joe Newton St., the property is situated in a highly visible location just off Culebra Road, which has a traffic count of 45,000 vehicles per day. The location is less than one mile from inner Loop 410, approximately four miles from outer Loop 1604 and is approximately three miles from Highway 151, which bisects the award-winning, 1,300-acre, master-planned Westover Hills community.
The Venetian features gated access, lighted tennis courts and basketball courts, two large swimming pools, a 24-hour fitness center, a slate billiard table, and a large TV lounge with built-in kitchen and views of the main pool and tennis court.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
