IPA Brokers 1,152-Unit Texas Portfolio Deal
- Jan 22, 2019
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of a four-property portfolio in central Texas. Executive Director Will Balthrope, Senior Director Drew Kile and Associates Jordan Featherston and Drew Garza represented seller Vantage Communities and also procured the buyers for the Class A communities. The portfolio includes:
- Vantage at Brooks City Base in San Antonio
- Vantage at Judson in San Antonio
- Vantage at New Braunfels
- Vantage at Corpus Christi
B&M Management purchased the first asset. According to Yardi Matrix data, Harvest Equities acquired the second property using a $27 million loan held by Prime Finance Partners. Hayden Properties bought the third property on the list, while Thrive FP purchased the last one.
Each of the communities encompasses 288 units, with one-, two- and three-bedroom floorplans ranging from 600 to 1,150 square feet. All the apartments feature washers/dryers and community amenities include a fitness center, business center, swimming pool and covered parking.
“Built between 2014 and 2017, these fully stabilized assets are in submarkets with high median household incomes and strong population and job growth,” said Balthrope, in prepared remarks. Recently, Balthrope and Kile have also facilitated the sale of a 224-unit Houston-area property.
Images courtesy of Yardi Matrix
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