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 Palomino (top left photo), a 484-unit multifamily complex in San Antonio. Although terms of the sale were not disclosed, this is the largest Class A multifamily asset to trade in San Antonio in 2012.
Will Balthrope, an IPA executive director; Scott Lamontagne, an IPA director, and Drew Kile; an IPA associate director, represented the seller, Koontz McCombs Development. Balthrope and Lamontagne also secured the buyer, an investment group represented by Francis Property Management Inc. of Beverly Hills, Calif.
“This is the largest single-asset multifamily sale in terms of units so far in San Antonio this year,” says Balthrope. “This transaction demonstrates the strength of the San Antonio multifamily investment market.”
“Institutional investors and major owners are targeting well-located, Class A multifamily assets in San Antonio as the region’s job market continues to improve,” adds Balthrope. “We are seeing cap rates for newly constructed, luxury apartment product compress, a trend that should continue through year’s end, even as new development ramps up throughout the region.”
Located at 14111 Vance Jackson Rd., the 324,124-square foot complex is located in one of the strongest growth markets in Northwest San Antonio. In the immediate vicinity, the largest employers in the region include the University of Texas at San Antonio, the South Texas Medical Center, USAA and Valero. USAA and Valero have their world headquarters in Northwest San Antonio.
At the time of the sale, the Palomino was 95-percent occupied.
For a complete copy of the company’s news release, please contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
