February 2, 2022 11:00 AM
Newmark announces it has completed the sale of Augusta Flats, a newly constructed, 260-unit luxury multifamily asset located in downtown San Antonio, Texas.
The property traded from private Texas-based real estate development and management firm Stillwater Capital to buyer, Lakewood, NJ-based real estate investment firm Strategic Properties of North America (SPNA) and their joint venture partner Benefit Street Partners Multifamily Trust (BSPMT). Newmark Vice Chairman Patton Jones and Managing Director Matt Michelson represented Stillwater Capital in the transaction. The asset is SPNA’s first purchase in San Antonio.
“Augusta Flats boasts a unique location between downtown San Antonio and the Pearl District,” said Jones. “This area remains one of the most desirable submarkets in San Antonio for renters and investors alike. Augusta Flats presented a rare opportunity for an investor to acquire a coveted piece of real estate in a walkable, 24-hour lifestyle hub.”
Augusta Flats is a 260-unit, trophy luxury multifamily community built in 2020 and located at 819 Augusta Street in San Antonio, Texas. The asset features a mix of studio, one- and two-bedroom units with an average unit size of 799 square feet. The unit mix was carefully designed with 75% one bedrooms to appeal to young professionals as well as couples or roommates looking for more space. Units feature stainless steel appliances, quartz countertops, custom cabinetry, faux wood floors and modern lighting and finishes. Property amenities include a resort-style swimming pool courtyard with pergolas, cabanas and grilling stations; two-story fitness center; chic resident lounge; rooftop deck with downtown views; golf simulator room; Amazon Hub package system and WiFi in all common areas.
Augusta Flats is located within San Antonio’s CBD, less than six miles from the San Antonio International Airport. The property is a short walk to downtown and offers residents easy access to Interstate 35, Interstate 10, and Highway 281. The nearby Pearl, Broadway, Museum Reach, and Southtown/King William districts offer a variety of shopping, dining and entertainment options. Additionally, the community is only two blocks from San Antonio’s River Walk and San Pedro Creek, providing connectivity to the entire city.
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. For the 12 months ending in the third quarter of 2021, approximately 3,800 new units were added to the inventory, and over 10,250 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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