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| Waters at Northern Hills apartments, 4031 Thousand Oaks Drive, northeast San Antonio, TX |
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| Will Balthrope |
SAN ANTONIO, TX – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of a 304-unit apartment complex in Northeast San Antonio
for an undisclosed amount.
Will
Balthrope, senior vice president investments in Dallas, and Scott
Lamontagne, vice president investments in Austin, both with Institutional
Property Advisors, a division of Marcus & Millichap, and Zar Haro
and Michael Moffitt, senior associates in Marcus & Millichap’s San
Antonio and Austin offices, respectively, represented the seller, a 501c-3
not-for-profit company.
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| Scott Lamontagne |
“This sale attracted tremendous interest from the investment
community,” says Balthrope. “Prospective buyers were attracted to this stable
property just a few blocks from a neighborhood shopping center, along with the
prospective upside potential found in one of San Antonio’s premier central
locations.” Lamontagne goes on to say,
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| Zar Haro |
“There were many
complexities with this transaction given the Bexar County Housing Bond
financing that was not due to mature for some time.
"The bonds required a percentage of the property be set aside as
affordable housing.” Haro said, “The
buyer intends to operate the asset as a market rate deal.”
The apartment community, known as Waters at Northern
Hills, is located at 4031 Thousand Oaks Drive in San Antonio. It was
built in 1982 and is 96 percent occupied.
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| Michael Moffitt Jr. |
Set on a private
lake, the property has a mix of 124 one-bedroom/one-bath units, 24
one-bedroom/one and a half-bath units, 64 two-bedroom/two-bath and eight
two-bedroom/two-bath units. It also features an amenities package including a
fitness center, wooded picnic areas and swimming pools.
For a complete copy of the company’s news release, please
contact:
Ben Johnson
Marketing Director
(925) 953-1736
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