August 26, 2021 9:00 AM
Newmark announces the sale and financing of Southtown Flats, a 229-unit, Class A multifamily asset in downtown San Antonio, Texas. Newmark Managing Director Matt Michelson and Vice Chairman Patton Jones represented the seller, Denver-based real estate private equity firm Ascentris, who developed the property in 2016. The property sold to buyer, SPI Advisory. Vice Chairman Matt Greer, Vice President Hank Glasgow and Senior Managing Director Braden Harmon of Newmark’s Debt & Structured Finance Group facilitated the financing on behalf of SPI Advisory.
“Southtown remains one of the most desirable submarkets in San Antonio for both renters and investors,” said Michelson. “Southtown Flats’ outstanding location in the heart of Southtown and proximity to the San Antonio River Walk and CBD presented a rare opportunity for an investor to acquire a coveted piece of real estate in a walkable, 24-hour lifestyle hub.”
Located in Southtown, a burgeoning neighborhood defined by the historic King William District, and walking distance to the San Antonio River Walk, Southtown Flats is amid a thriving art scene and proximate to various restaurants, bars and coffee shops. The property’s features include a rooftop lounge with downtown views, a resort-style pool with lounge area, gym and yoga studio, and courtyard with grills and fire pit. Unit features include smart home technology and cutting-edge finishes.
According to Newmark Research, multifamily investment kept pace with national trends, as a leading asset allocation in 2020 sales–allocation in San Antonio was 52.4% of total commercial real estate sales in 2020.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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