SAN ANTONIO, TX– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Meridian, a 146-unit luxury apartment community in San Antonio. The terms of the sale were not released.
IPA executive director Will Balthrope and IPA director Scott Lamontagne advised the seller, a San Antonio-based private investor. The buyer is a national acquisitions and management firm, also based in San Antonio.
“The Meridian is a distinctive asset in a core submarket with high barriers-to-entry due to the scarcity of raw land,” says Balthrope. “The property’s location has outstanding demographics, an excellent school system and high-end retail.”
“This acquisition provides the new owner with a well-defined value-add opportunity as the existing finishes are from 1996,” adds Lamontagne.
The property is located at 680 East Basse Road in San Antonio adjacent to the Golf Digest magazine-acclaimed Quarry Golf Club and is within walking distance of Alamo Quarry Market, a 580,000-square-foot open-air center that is home to some of San Antonio’s finest restaurants and retail offerings. The location is also proximate to some of San Antonio’s most expensive office developments, including The Concord and One International Center, and provides quick and convenient access to Highway 281, San Antonio’s main north-south thoroughfare, and Loop 410, San Antonio’s inner loop.
Built in 1996 on approximately five acres, The Meridian’s community amenities include access gates, golf course views, a swimming pool, clubhouse, 24-hour fitness rooms, a business center and movie rentals. Apartment homes feature private alarms, crown molding, wall-to-wall carpeting, mini blinds, garden tubs, icemakers, double ovens, walk-in closets and high-speed Internet.