August 12, 2021 8:30 AM
Newmark announces the sale of a four-property, 1,103-unit luxury multifamily portfolio located within the major medical centers in San Antonio and Houston, Texas. Broadstone Oak Hills (7714 Louis Pasteur Drive) and Hawthorne House (7403 Wurzbach Road) are proximate to the South Texas Medical Center (STMC) in San Antonio; and 5755 Hermann Park (5755 Almeda Road) and Equinox (2950 Old Spanish Trail) are within the Texas Medical Center (TMC) in Houston.
Newmark Vice Chairman Patton Jones, Managing Director Matt Michelson, Vice Chairman Zach Springer, Vice Chairman David Mitchell and Managing Director Thomas Alleman represented the sellers: Alliance Residential in the sale of Broadstone Oak Hills, Hawthorne House and Equinox and M-M Properties in the sale of 5755 Hermann Park. River Rock Capital purchased Broadstone Oak Hills and Hawthorne House and Sun Holdings purchased Equinox and 5755 Hermann Park.
“This portfolio provided investors the opportunity to acquire sizeable footprints in two major medical centers, accessing economies of scale. These properties were sought-after by both institutional and private family office investors,” said Jones. “With the immense projected growth of the healthcare industry, multifamily assets proximate to medical hubs will benefit from a steady stream of renters for years to come.”
Two of the country’s largest medical centers, San Antonio’s STMC and Houston’s TMC, collectively support over 165,000 jobs. The STMC comprises 75 medical institutions–more than 45 clinics, 12 major hospitals, a higher education institution and countless small practices, offices and non-medical businesses. The TMC, home to the world’s largest children’s and cancer hospital, is made up of 9,200 beds, 50 million developed square feet, 61 medical institutions, and $3 billion in construction projects currently underway.
According to the U.S. Bureau of Labor Statistics “Employment Projections”, healthcare and social assistance is the fastest-growing major sector and is projected to add the most new jobs from the period of 2019-2029.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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