December 15, 2021 11:00 AM
Newmark announces the sale of Waterford Park, a 224-unit value-add multifamily property in Northeast San Antonio, Texas. Built in 2008, the property was 96% occupied at the time of sale.
Newmark Managing Director Matt Michelson represented the seller, Kansas-based developer and investor Cohen-Esrey, in the sale to buyer, San Antonio-headquartered REEP Equity. This is the second time Newmark has handled the sale of the asset since 2017.
“Waterford Park drew competitive investor interest, as we continue to see capital flow into the San Antonio multifamily market,” said Michelson. “Given the property’s compelling value-add opportunity and limited multifamily supply in the immediate submarket, this asset is uniquely positioned to capture superior returns going forward.”
“Waterford Park is our 15th acquisition and reflects our continued success investing in the San Antonio MSA. We established a multifamily presence in this market almost 10 years ago,” said Co-Founder Arleen Garza, who leads acquisitions for REEP Equity. “Waterford Park is a premier asset with tremendous upside that fits our growth strategy to improve the quality of our investment portfolio and the communities we serve. San Antonio continues to exhibit proven fundamentals—a strong job market, population growth, and robust rent growth. This is our second investment in Converse and we have enjoyed a great relationship with the Converse Economic Development Corporation who leads the charge in this fast-growing suburb of San Antonio.”
Located at 9205 FM 78, Waterford Park is minutes away from major employment and entertainment. With a base of nearly 103,600 jobs within a five-mile radius (U.S Census Bureau), nearby major employers include the Randolph Brooks Federal Credit Union headquarters, Southwest Airlines, Amazon, Rackspace and Methodist Hospital Northeast. Waterford Park is also proximate to an abundance of mixed-use, retail and entertainment destinations such as Forum at Olympia Parkway, Live Oak Town Center, Northwoods and Longhorn Quarry, as well as multiple golf courses, resorts and parks.
About REEP Equity
REEP (Real Estate Equity Partners) was founded in 2015 by principals Jacob and Arleen Garza, who share over 20+ years of real estate experience. The firm is focused on acquiring under-performing, income-producing, multifamily investment opportunities in Texas. REEP Equity, along with its sister company REEP Management, is solely focused on the multifamily sector - pledging incomparable commitment and service to both its residents and investors. Other in-house departments include asset management, construction, property management, cost segregation, pre- and post-disposition. Since 2012, REEP Equity has bought, sold, and managed over 3,500 units, with thirteen properties totaling 2,482 units worth over $261M currently in its portfolio. For more information, visit reepequity.com. For media questions, please contact Marketing@REEPEquity.com. For investment questions, please contact Invest@REEPEquity.com.
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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