Bandera Commons, the 240-unit apartment complex in San Antonio, has become the exclusive listing of Marcus & Millichap Real Estate Investment Services, with the price to be determined by the market. Senior associates Joe James and Kent Myers, together with associate Reynold Greenway, all from the Austin Marcus & Millichap office, will act as brokers for the seller, a private investor.
Located at 8120 Mainland Drive, the three-story apartment complex was built in 2002 on 11 acres. Among the usual amenities, the 190,464-square foot community offers luxury features such as a swimming pool with heated spa, a resident clubhouse with full-service business center, a 24-hour fitness center, a laundry facility and upscale units with ample floor plans.
“Bandera Commons is located adjacent to Leon Creek Greenway, a popular 15-mile recreation trail,” said James. “Currently 97 percent occupied, the complex is a true high-quality value-added asset.” The property is also strategically positioned near several of the city’s strongest employment centers, according to Myers.
Founded in 1971, Marcus & Millichap is the largest firm specializing in commercial real estate investment services, with nationwide coverage.
According to a Marcus & Millichap market report for the second quarter of 2013, San Antonio’s vacancy rate is expected to go down to 5.5 percent, thanks to job creation that will elevate demand for rentals in the metro area. Due to expansions of employment, effective rents will rise 4.4 percent year over year, following an increase of 4.2 percent last year.
Chart courtesy of Marcus & Millichap.