San Antonio’s Waters at Northern Hills for Sale for $13.1M
- Aug 26, 2013
Marcus & Millichap has arranged the sale of the 304-unit apartment complex located at 4031 Thousand Oaks Drive. The seller, a 501c-3 nonprofit company, is represented by Will Balthrope, senior vice president of investments in Dallas, and Scott Lamontagne, vice president of investments in Austin, both with Institutional Property Advisors, a division of the real estate investment firm, and Zar Haro and Michael Moffitt, senior associates in Marcus & Millichap’s San Antonio and Austin offices, respectively.
“Prospective buyers were attracted to this stable property just a few blocks from a neighborhood shopping center, along with the prospective upside potential found in one of San Antonio’s premier central locations,” said Balthrope. “There were many complexities with this transaction, given the Bexar County Housing Bond financing that was not due to mature for some time. The bonds required a percentage of the property be set aside as affordable housing,” added Lamontagne. Haro confirmed that the asset will be administered as a market-rate deal.
Waters at Northern Hills was built in 1982 and is currently at 96 percent occupancy. The apartment complex encompasses 124 one-bedroom/one-bath units, 24 one-bedroom/one-and-a half-bath units, 64 two-bedroom/two-bath and eight two-bedroom/two-and-a-half-bath units, beautifully set on a private lake. The amenity package includes a fitness center, wooded picnic areas and swimming pools.