February 3, 2022 12:00 PM
Newmark announces the sale of The Joseph at Huebner, a 192-unit value-add multifamily community located in North Central San Antonio, Texas.
The property traded from a strategic partnership between RSN Property Group and Wildhorn Capital, both boutique multifamily investors and operators, to First Capital Advisors, a real estate investment and management firm with offices in Austin and Chicago. Newmark Managing Director Matt Michelson and Vice Chairman Patton Jones represented the sellers.
“The Joseph at Huebner was highly sought-after by both local and out-of-state buyers,” said Michelson. “Value-add assets in San Antonio remain in strong demand and investors were drawn to The Joseph’s excellent location surrounded by top employment and retail nodes.”
The Joseph at Huebner is a 192-unit, garden-style multifamily community located at 11660 Huebner Road in San Antonio. The community features a mix of one- and two-bedroom units spread across 16 buildings, with an average unit size of 846 square feet. Originally built in 1983, the seller has invested more than $1.8 million in exterior and common area improvements and partial interior upgrades. Community amenities include a pool, gazebo with outdoor grilling station, fitness center, controlled access and dog washing station.
The property is proximate to several major employment centers, with an employment base of 169,650 within a five-mile radius. Major area employers include Amazon, USAA, the South Texas Medical Center (STMC), Sonterra Medical Center, Valero and Hulu. The property is conveniently located in proximity to an abundance of mixed-use, retail and entertainment destinations including Park North Shopping Center, North Star Mall, Huebner Oaks, The Rim and The Shops at La Cantera.
According to Newmark Research, Sunbelt markets such as San Antonio continue to drive the highest demand and garner the most attention from multifamily investors and developers. During 2021, approximately 4,200 new units were added to the inventory, and over 11,600 units were absorbed. Despite elevated supply, five-year forecasts show the market balancing as demand is likely to remain strong due to positive economic drivers, namely continued job and population growth.
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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