IPA Brokers Sale of San Antonio Value-Add Community
JBT Investments purchased Fredericksburg Place with the help of a loan from Deutsche Bank. The asset was more than 90 percent leased at the time of sale.
Fredericksburg Place
Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Fredericksburg Place, a 224-unit Northwest San Antonio multifamily community. JBT Investments acquired the property from The ValCap Group. According to Yardi Matrix data, the deal was subject to an $8.3 million loan held by Deutsche Bank. At the time of sale, the asset was 96 percent occupied.
Completed in 1983, Fredericksburg Place is located at 3435 Fredericksburg Road. The property comprises 16 buildings on 10 acres of land. The one- and two-bedroom units range from 480 to 870 square feet. Unit features include above-standard ceiling height, as well as private balconies and patios. Common-area amenities include a business center, clubhouse, swimming pool, spa, playground and laundry facilities.
The asset is in close proximity to Interstate 10, while downtown San Antonio is within a 15-minute drive. San Antonio’s largest employment centers, including South Texas Medical Center, USAA World Headquarters, University of Texas at San Antonio, Valero Headquarters and Harland Clarke are also nearby. Retail, dining and entertainment venues are within walking distance.
IPA’s Executive Director Will Balthrope and Associate Drew Garza represented the seller and procured the buyer in the transaction. The brokerage company has recently facilitated the sale of a 350-unit multifamily asset in Corpus Christi.
Image courtesy of Yardi Matrix
