Press Releases
Marcus & Millichap Arranges Sale and Financing of 144-Unit Multifamily Property in San Antonio, Texas
February 02, 2026
SAN ANTONIO, Texas, Feb. 2, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Annex, a 144-unit multifamily property located in San Antonio, Texas. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured the financing.
“After the property was marketed on and off for nearly a year and ultimately foreclosed on by the lender, we were able to step in, coordinate with the lender, and engage top bidders through the transition,” said Ben Kalter, director investments. “Through our efforts, we were able to close the deal with an international buyer. The buyer plans to renovate the property to keep it a strong housing option in the submarket. While supply in San Antonio remains a challenge, well-managed properties like The Annex can continue to perform with the right strategy and positioning.”
Kalter, Drew Garza and Will Balthrope, investment specialists in Marcus & Millichap’s San Antonio and Dallas offices, had the exclusive listing to market the property before the lender foreclosed.
“Through collaboration between Marcus & Millichap and IPA in San Antonio, we have successfully delivered results for our clients while providing investors with a large inventory of high-quality multifamily investment opportunities in various markets,” said Garza, director investments.
John Brickson, managing director in the firm’s Dallas office, secured the financing.
“We worked closely with the seller to structure an attractive bridge financing solution for the buyer,” Brickson said. “The structure allowed the buyer to execute efficiently while enabling the lender to maximize disposition proceeds on their REO sale.”
The Annex is situated on 6.62 acres at 326 Whitewood St., near Lackland Air Force Base and five miles from downtown San Antonio. The property includes 144 units across 98,748 square feet, offering a mix of studio, one-, two- and three-bedroom floor plans. Originally built in 1969, it has recently undergone exterior and amenity upgrades.
“After the property was marketed on and off for nearly a year and ultimately foreclosed on by the lender, we were able to step in, coordinate with the lender, and engage top bidders through the transition,” said Ben Kalter, director investments. “Through our efforts, we were able to close the deal with an international buyer. The buyer plans to renovate the property to keep it a strong housing option in the submarket. While supply in San Antonio remains a challenge, well-managed properties like The Annex can continue to perform with the right strategy and positioning.”
Kalter, Drew Garza and Will Balthrope, investment specialists in Marcus & Millichap’s San Antonio and Dallas offices, had the exclusive listing to market the property before the lender foreclosed.
“Through collaboration between Marcus & Millichap and IPA in San Antonio, we have successfully delivered results for our clients while providing investors with a large inventory of high-quality multifamily investment opportunities in various markets,” said Garza, director investments.
John Brickson, managing director in the firm’s Dallas office, secured the financing.
“We worked closely with the seller to structure an attractive bridge financing solution for the buyer,” Brickson said. “The structure allowed the buyer to execute efficiently while enabling the lender to maximize disposition proceeds on their REO sale.”
The Annex is situated on 6.62 acres at 326 Whitewood St., near Lackland Air Force Base and five miles from downtown San Antonio. The property includes 144 units across 98,748 square feet, offering a mix of studio, one-, two- and three-bedroom floor plans. Originally built in 1969, it has recently undergone exterior and amenity upgrades.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
