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NEWMARK GROUP, INC.

(NMRK)
  Report
Delayed Nasdaq  -  04:00:00 2023-02-03 pm EST
9.010 USD   -0.77%
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Newmark : Announces Sale of 252-Unit Multifamily Property in North Central San Antonio

11/14/2022 | 04:40pm EST

November 14, 2022 1:30 PM

Newmark announces the sale of Gardens at West, a 252-unit value-add multifamily property located in San Antonio, Texas, which will be rebranded as The Hayden on West Ave. Newmark Senior Managing Director Matt Michelson and Vice Chairman Patton Jones represented the seller, Regional Investment and Management (RIM), in the sale to the buyer, Embrey, marking their second acquisition in the greater San Antonio area. This is Newmark's second time selling this asset.

"The Hayden on West Ave presented investors with an outstanding value-add opportunity in the highly desirable north central San Antonio submarket," said Michelson. "Buyer interest was very strong as investors were drawn to the quality product as well as the high barriers to entry for new development."

The property's unit interiors offer gourmet kitchens, walk-in closets, outdoor storage, private patios/balconies and washer/dryer connections. Resort-class community amenities include a pool, two outdoor kitchens with grills, a state-of-the-art fitness center, a clubhouse, a dog park, controlled access gates, covered parking and nearby walking trails.

Located at 13515 West Avenue, The Hayden on West Ave is proximate to some of the city's major employers, including Amazon, Sonterra Medical Center, Valero Energy, the South Texas Medical Center and USAA, among others. Adjacent to Highway 281 between Loop 410 and Loop 1604, the community provides residents with convenient access to downtown San Antonio.

According to Newmark Research, multifamily rents across the U.S. significantly exceeded pre-pandemic levels. In San Antonio, rents in the second quarter of 2022 were up 23 percent from the fourth quarter of 2019. Additionally, absorption outpaced new supply in many markets; the San Antonio multifamily market experienced nearly double the amount of demand (6.6 million square feet) than supply (3.5 million square feet).

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Disclaimer

Newmark Group Inc. published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 21:39:07 UTC.


ę Publicnow 2022
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Analyst Recommendations on NEWMARK GROUP, INC.
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Financials (USD)
Sales 2022 2 769 M - -
Net income 2022 132 M - -
Net Debt 2022 807 M - -
P/E ratio 2022 16,5x
Yield 2022 1,11%
Capitalization 1 548 M 1 548 M -
EV / Sales 2022 0,85x
EV / Sales 2023 1,02x
Nbr of Employees 5 200
Free-Float 62,5%
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Number of Analysts 5
Last Close Price 9,01 $
Average target price 9,00 $
Spread / Average Target -0,11%
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Managers and Directors
Barry M. Gosin Chief Executive Officer
James D. Kuhn President & Head-Investor Services
Michael J. Rispoli Chief Financial Officer
Howard William Lutnick Chairman
Sridhar Potineni Chief Information Officer
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