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8/30/13
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Waters at Northern Hills, a 304-unit apartment complex in Northeast San Antonio, sold for an undisclosed amount. The property is located at 4031 Thousand Oaks Drive in San Antonio.
Built in 1982, Waters at Northern Hills was 96 percent occupied at the time of sale. Set on a private lake, the property has a mix of 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-bath units. It also features an amenities package including a fitness center, wooded picnic areas and swimming pools.
Will Balthrope, senior vice president investments in Dallas, and Scott Lamontagne, vice president investments in Austin, both with Institutional Property Advisors, a division of Marcus & Millichap, and Zar Haro and Michael Moffitt, senior associates in Marcus & Millichap’s San Antonio and Austin offices, respectively, represented the seller, a 501c-3 not-for-profit company.
“This sale attracted tremendous interest from the investment community,” says Balthrope. “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.” Lamontagne goes on to say, “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.” Haro said, “The buyer intends to operate the asset as a market rate deal.”
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