August 30, 2021 10:00 AM
Newmark announces the sale of The Preserve at Westover Hills, a 276-unit, value-add multifamily asset in Westover Hills, one of San Antonio’s densest employment centers and tech hubs. Newmark Managing Director Matt Michelson and Vice Chairman Patton Jones represented the seller, Texas-based vertically integrated commercial real estate services company, InvestRes, to buyer, Kansas-headquartered Cohen-Esrey Apartment Investors, LLC. The property was 96% occupied at the time of sale.
Located at 1530 NW Crossroads, The Preserve at Westover Hills is proximate to major corporate campuses, data centers, expansive retail, medical centers and first-class hospitality and entertainment venues. The property is across from the NSA Cyber Security facility; Phase II expansion currently under construction. According to the U.S. Census Bureau, the property has a surrounding employment base of 166,450.
“The Preserve at Westover Hills represented a unique opportunity to acquire a value-add asset in a high-growth market below replacement cost,” said Michelson. “San Antonio’s thriving market fundamentals continue to attract out-of-state investors to the area as the multifamily sector thrives post-pandemic.”
According to Newmark’s U.S. Multifamily Capital Markets report, investment allocation to multifamily relative to overall commercial real estate rose to an all-time high (36.6%) in the second quarter. Per the report, San Antonio remains a top market attracting investment, with cap rate compression of 50 basis points over the last three years and effective rent growth of 1.0% over the past 12 months.
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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