August 18, 2022, 2:00 PM
Newmark announces the sale of Viva Max, a 240-unit value-add multifamily asset located in northwest San Antonio, Texas. The property traded from Pradeep Mistry to River Rock Capital, a private multifamily investment firm focused on properties in New Jersey and Texas. Senior Managing Director Jim Young and Director Chase Easley represented the seller. This sale represents the Newmark team’s fourth transaction selling to River Rock Capital over the past year, with the buyer’s other recent acquisitions including Broadstone Oak Hills, Hawthorne House and Alamo Park.
“Viva Max presented investors with an outstanding value-add opportunity that was attractive to both private and institutional buyers,” said Young. “The transaction was completed via a Freddie Mac loan assumption with loan terms superior to current market offerings. This asset will be a great addition to the buyer’s growing San Antonio portfolio.”
Viva Max is a garden-style apartment community located at 3631 Callaghan Road in northwest San Antonio. The property features a mix of one- and two-bedroom units with an average unit size of 733 square feet. Unit interiors offer walk-in closets, framed bathroom mirrors, ceiling fans, window coverings and faux hardwood floors and black appliances in select units. Community amenities include gated entry, pool with sundeck, private clubhouse, picnic area, playground, laundry facility and package service. The property was 98.4% occupied at the time of sale.
Located in northwest San Antonio, Viva Max benefits from a desirable location proximate to the city’s largest employment hubs. The property is surrounded by several major corporate campuses and data centers including Westover Hills, the South Texas Medical Center, UT Health San Antonio, University Health System, Methodist Healthcare Systems and Amazon. Viva Max is also proximate to an abundance of mixed-use, retail and entertainment destinations including the future Vicinia Transit-Oriented Development, Ingram Mall, Westover Marketplace, Alamo Ranch, Culebra Market and multiple theme parks, golf courses and parks.
Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63.0 billion in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 billion. Remarkably, major markets in Florida and Texas accounted for 27.3% of total volume 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. 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 of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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