SAN ANTONIO--Institutional Property Advisors (IPA), a division of Marcus & Millichap brokered the sale of Tacara at Westover Hills, a 312-unit apartment community in San Antonio, IPA exclusively tells GlobeSt.com. The terms of the sale were not released; GlobeSt.com previously reported on the sale May 29.

IPA executive director Will Balthrope, IPA director Drew Kile and Marcus & Millichap associate Rowan Burch advised the seller, and procured the buyer, Fort Worth-based Olympus Property.

“The property is a recently constructed, top-of-the-market multifamily asset located in Westover Hills, which is one of the nation's premier master-planned developments and one of the fastest-growing submarkets in San Antonio,” says Balthrope.

Constructed in 2014 on 13.4 acres, the community is located at 8543 State Highway 151, less than one-half mile from the intersection of State Highway 151 and Loop 410. Westover Marketplace, a 600,000-square-foot shopping center, is within walking distance. Nearby employment centers include the JPMorgan Chase operations center, the Microsoft San Antonio data center, QVC, Maxim Integrated, Northwest Vista College, SeaWorld, Petco and the Texas Cryptology Center. The area is also home to the newly opened, 150-bed Christus Santa Rosa Hospital.

"Tacara is a beautiful class A asset and we were attracted to the deal because of the strong cash flow and prime location in an appealing submarket of San Antonio," Braden W. Barr, senior investment officer, Olympus Property, told GlobeSt.com on May 29. "We believe the San Antonio market is poised for continued strong rent growth as the Texas growth story continues."  

Tacara at Westover Hills's units feature keyless home entry, stainless steel-finished GE appliances, granite countertops and under-mounted sinks in the kitchens and bathrooms, garden-style tubs and oversized patios and balconies. Community amenities include limited-access entry gates, a 24-hour-access fitness center, a resort-style pool with sundeck, a gourmet-style kitchen, outdoor lounge areas with fire pits and fireplaces, spa-style tanning booths, a dog park and an electric car-charging station.