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| Coppermill Apartments, northwest San Antonio, TX |
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| Will Balthrope |
SAN ANTONIO, Oct. 8, 2013 – 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 Coppermill
Apartments, a 344-unit apartment complex on San Antonio’s northwest side.
The terms of the sale were not released.
Will Balthrope, an IPA executive director, Scott
Lamontagne, an IPA director and Marcus & Millichap senior associate
Moses Siller advised the seller, a large private entity based in the
northeastern United States. The buyer is a Las Vegas-based acquisition firm.
“The
northwest side of San Antonio is one of the most dynamic growth areas in the
city,” says Balthrope. “The acquisition of Coppermill Apartments provides the
new owner with a great opportunity to benefit from this booming area.”
“This is an established multifamily asset with existing cash
flow and an opportunity to capture significant rent increases through a
well-executed unit enhancement program,” adds Lamontagne.
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| Scott Lamontagne |
Built in 1980 on 10 acres at 5827 Northwest Loop 140 in San
Antonio, the property is within minutes of several of San Antonio’s strongest
employment centers including USAA’s world headquarters, the South Texas Medical
Center, Valero Marketing and Supply Co.’s world headquarters, Harland Clarke
Corp. and The University of Texas at San Antonio.
The 235,320-rentable square-foot Coppermill Apartments
provides residents with a choice of four unique floor plans. Apartments feature
fully equipped electric kitchens, a private balcony or patio and spacious
closets.
Community amenities include two swimming pools, picnic and barbecue
areas and tennis and basketball courts.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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