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| The Manor at Castle Hills, San Antonio, TX |
SAN ANTONIO, TX– Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sale of The
Manor at Castle Hills, a 306-unit apartment community in the Castle Hills
enclave of San Antonio.
Will
Balthrope, an IPA executive director, Scott Lamontagne, a director,
and Drew Kile, an associate director advised both buyer and seller.
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| Will Balthrope |
“San Antonio remains one of the strongest apartment markets
in the U.S. due to its explosive job growth,” says Balthrope. “The Manor at
Castle Hills’ position within the submarket is further strengthened by a
high-barrier-to-entry infill location that is insulated from new development.”
“The property features quality-of-life amenities and
historic stability in rent growth and occupancy, and also presents the new
owner with a value-add opportunity via unit interior improvements,” adds
Lamontagne.
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| Scott Lamontagne |
Located at 1835 Lockhill-Selma Road, the lushly landscaped,
236,220-square foot asset is near major retail opportunities and several of San
Antonio’s strongest employment centers.
Standout employers include the world headquarters of USAA, a
Fortune 500 insurance and financial services organization that employs more
than 14,700 people at its 4 million-square foot campus, and the South Texas
Medical Center, home to 45 medically related institutions, 11 hospitals and
five specialty institutions anchored by the University of Texas Health Science
Center.
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| Drew Kile |
Approximately 56,000 medical and nonmedical employees
currently work at the South Texas Medical Center, and this count is expected to
rise since medicine is San Antonio’s fastest-growing industry.
When driving, residents of The Manor at Castle Hills can
easily access Loop 410, San Antonio’s inner loop; Highway 281, San Antonio’s
main north-south thoroughfare; and Interstate 10, which runs north-south along
the west side of town.
These main arterial roadways connect the asset not only to
major employment but to San Antonio’s central business district. The Riverwalk,
Fort Sam Houston and the San Antonio International Airport are all five-to-10
minutes away.
For a complete
copy of the company’s news release, please contact:
Public Relations
(925) 953-1716
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