July 17, 2023 9:00 AM
Newmark announces it has arranged the sale and financing of Signature Ridge, a 612-unit multifamily asset in San Antonio, Texas, adjacent to the South Texas Medical Center.
Newmark Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson represented the undisclosed seller. Newmark Vice Chairman Braden Harmon and Director Hank Glasgow arranged the debt financing on behalf of the undisclosed buyer. The transaction represents Newmark’s fourth time selling this asset.
“Communities like Signature Ridge, in an ideal medical center location, are highly sought-after in the San Antonio market,” said Jones. “The buyer jumped on this off-market opportunity and will apply their management expertise to create upside.”
Signature Ridge offers upgrade potential for both its interior and exterior amenities. The asset benefits from previous renovations to the clubhouse, fitness center, landscape and several interior amenities, with a total of 246 units having received an upgrade package to achieve above-average rent premiums when compared to classic units.
Located at 3711 Medical Drive, Signature Ridge includes a 24-hour fitness center, an on-site dog park, two pools and a clubhouse with a full kitchen and arcade area. Units include one-, two- and three-bedroom floorplans with walk-in closets, private patios or balconies and in-unit washers and dryers.
The residential community is centrally located within the South Texas Medical Center/USAA employment hub, San Antonio’s largest employment base, with over 76,000 employees in a three-mile radius, according to the U.S. Census Bureau in 2022. Other nearby employers include Hulu, Amazon and Valero Energy. Community residents further benefit from close proximity to the I-10 and I-410, allowing for convenient access around the city.
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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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