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| Castle Hills Townhomes, San Antonio, TX |
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| Will Balthrope |
SAN ANTONIO, TX – Institutional Property Advisors (IPA), a
division of Marcus & Millichap Inc. specializing in serving institutional
and major private real estate investors, is pleased to announce the sale of Castle
Hills Townhomes, a 149-unit luxury townhome-style apartment community in
San Antonio. The terms of the sale were not released.
Built in 1998 on approximately eight acres one block east of
Northwest Military Highway, Castle Hills Townhomes is a unique community
featuring large townhome-style units, most of which have attached direct-access
garages.
The property is in proximity of several of San Antonio’s
strongest employment centers, including the South Texas Medical Center and the
United Services Automobile Association’s (USAA) world headquarters.
IPA executive director Will Balthrope
and IPA director Drew Kile represented the seller, Sendera Investment
Group LLC of Austin. The buyer is Hayden Properties of Lake Oswego, Ore.
“Castle Hills Townhomes is well positioned to provide
continued rent growth potential and value appreciation in one of the nation’s
most stable markets for multifamily investment real estate,” says Balthrope.
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| Drew Kile |
“The property’s well-designed townhome-style floor plans,
high accessibility and central location make it an excellent commercial real
estate investment.
"The previous owner completed an exterior renovation program
and the interiors of 63 percent of the apartments have been upgraded, paving
the way for the new owner to achieve further upside through completion of the
unit enhancement program.”
Castle Hills Townhomes features six unique one-, two- or
three-bedroom townhome floorplans.
The average unit size is 1,000 square feet.
Amenities include high-speed Internet access, stainless steel appliances,
garden tubs, faux-wood floors, brushed nickel fixtures, attached garages, gated
access and a swimming pool.
Led by Balthrope, IPA Texas has offices in all major Texas
markets and a strong presence in San Antonio.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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