Institutional Property Advisors, a Marcus & Millichap division, has arranged the sale of the 288-unit Vantage at Waco in Waco, Texas, through a 1031 exchange. Executive Director Will Balthrope, First Vice President Tommy Lovell and Associate Richard Robson represented seller Vantage Communities. Mandelbaum & Associates/RealTax assisted the buyer, a private investor. In December 2019, Balthrope also acted on behalf of the seller of a 332-unit luxury community in San Antonio.
Located at 3001 S. New Road on roughly 20 acres, Vantage at Waco is just off Interstate 35. The surrounding area has several retail and dining options, including Central Texas Marketplace, which is 2 miles away. The community is adjacent to University High School and within 3 miles of Baylor University.
Built in 2017, Vantage at Waco consists of 13 buildings with one-, two- and three-bedroom apartments that average 838 square feet. According to Yardi Matrix data, amenities include a swimming pool, a clubhouse, a fitness center and 474 parking spaces.