November 12, 2021 9:00 AM
Newmark announces it has brokered the sale of Retreat at Chelsea Park, a 280-unit, value-add multifamily property located at 16303 Chelsea Place in Selma, Texas for an undisclosed price
The property traded from Allen Harrison Company—a Houston-based, privately-held, multifamily investment and services firm—to Embrey Partners, a diversified real estate investment company that owns, develops, builds, acquires, and manages multifamily residential communities and commercial assets in targeted markets across the United States. Newmark Vice Chairman Patton Jones and Managing Directors Andrew Dickson and Matt Michelson represented Allen Harrison Company in the transaction.
“Retreat at Chelsea Park represented a fantastic opportunity to acquire a highly-amenitized community located along the booming IH-35 growth corridor,” said Jones. “As the new owner, Embrey Partners can upgrade unit interiors and install its property management team to gain operating efficiencies.”
Originally built in 2006, Retreat at Chelsea Park features a mix of one-, two- and three-bedroom units. Property amenities include a clubhouse, pool, recreation center, dog park, covered outdoor grilling areas, fitness center, coffee bar, resident lounge, and covered and surface parking with a gated entrance.
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. Year-to-date, approximately 3,800 new units have been added to the inventory, and over 10,250 units have been absorbed. Despite elevated supply, five-year forecasts show the market balancing as demand is likely to remain strong due to strong economic drivers, namely continued job and population growth.
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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