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.
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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.