February 8, 2022 12:30 PM
Newmark announces that it has completed the sale of Maxwell Townhomes, a 316-unit value-add multifamily community located in North Central San Antonio, Texas.
The property traded from Resource REIT, Inc., a self-managed real estate investment trust (REIT) that owns a portfolio of apartment communities in targeted markets with proven income and employment growth, to Orion Real Estate Partners, a real estate investment firm targeting value-add multifamily assets in western U.S. markets. Newmark Vice Chairman Patton Jones and Managing Director Matt Michelson represented Resource REIT, Inc. in the transaction.
“Maxwell Townhomes drew immense competitive investor interest as we continue to see capital flow into the San Antonio multifamily market,” said Jones. “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 in the future.”
Maxwell Townhomes is located at 11146 Vance Jackson Road in San Antonio. The unique townhome-style asset features a mix of spacious one-, two- and three-bedroom units with an average unit size of 1,016 square feet. Originally built in 1982, the seller made significant improvements to the exterior and common areas over the past several years. The new owner has the opportunity to complete unit upgrades to achieve rental premiums. The property is positioned on a sprawling 23-acre site, allowing for expansive amenity features including two swimming pools, state-of-the-art fitness center, clubhouse with iLounge, playground, putting green, lighted sport court and dog park.
The property is proximate to several major employment centers, with an employment base of 173,314 within a five-mile radius. Major area employers include Valero Energy, The University of Texas at San Antonio (UTSA), Acelity, USAA, the South Texas Medical Center (STMC), Hulu, NuStar Energy and Medtronic. Maxwell Townhomes 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.
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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