IPA Arranges Sale of The Ridge at Bandera Apartment Community
- Oct 22, 2013
The apartment community at the intersection of Loop 1604 and Bandera Highway, at 10950 Biering Lane, has changed owners. Institutional Property Advisors (IPA), a multifamily division of Marcus & Millichap, oversaw the transaction.
The seller, a Northeast-based opportunity fund, was advised by Will Balthrope, IPA executive director; Scott Lamontagne, IPA director; and Marcus & Millichap senior associate Moses Siller. The buyer is a Kentucky-based family office with a Texas-based asset manager. The financing was arranged by Brian Adams, associate director of IPA Capital Markets in Dallas.
Ridge at Bandera has 120 units that entail 91,200 square feet. It was built in 2002 and includes one- and two-bedroom units, with an average size of 760 square feet. Amenities feature a swimming pool, fully appointed kitchens and an upgraded fitness center. The residential community is newly renovated: The exterior has been painted, the kitchens and baths have been upgraded, and the floors are now wood-style. The parking lot has been resurfaced and restriped, and the landscaping beautified.
“The Ridge at Bandera’s superior location, recent upgrades and positive rent growth provide the new owner with increased cash flow potential and long-term stability in the surging San Antonio apartment market,” said Balthrope.
“This is a one-of-a-kind asset in a tight multifamily market near major employment and retail centers,” added Lamontagne.
Photo courtesy of The Ridge at Bandera.