March 20, 2023 10:00 AM
Newmark announces the sale of The Redland, a 276-unit, value-add multifamily asset located in North Central San Antonio, Texas. Newmark Vice Chairman Patton Jones, Senior Managing Director Matt Michelson and Managing Director Andrew Dickson represented the seller, The Bascom Group, LLC, in the transaction to buyer Ilan Investments. The asset was 93% occupied at the time of sale.
“The Redland presented investors with an outstanding value-add opportunity in the highly desirable Stone Oak submarket,” said Jones. “Despite headwinds in the macro economy, buyer interest was very strong as investors were drawn to the area’s affluent demographics, excellent schools and expensive single-family homes.”
Located at 18979 Redland Road, The Redland is a garden-style community on 17.16 acres. Built in 2007, the asset features open-concept floorplans and amenities, including a fully renovated clubhouse, a state-of-the-art fitness center, a resort-style pool and two new dog parks. Floorplans offer one-, two- and three-bedroom units averaging 1,044 square feet.
Situated in the Stone Oak submarket, The Redland is proximate to nearby employers, including RidgeWood Park, Sonterra Health Center and JPMorgan Chase Corporate Center, drawing in a large and highly educated workforce. The property sits within the top-rated North East Independent School District and is accessible to popular retail destinations along Highway 281.
According to Newmark Research, investor confidence in the multifamily sector remained strong in the fourth quarter. Though rent increases are expected to continue to moderate nationally, multifamily demand remains robust. Demand is the primary driver of increasing rent, fueled by the migration of renters from higher-priced metro areas to more affordable Sunbelt cities, such as San Antonio. In the last 24 months, San Antonio’s average effective rent has increased by 15.9%, while occupancy rates remained stable at over 90%.
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 approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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