Newmark Facilitates Sale of 336-Unit Multifamily Asset Steps from the River Walk in Downtown San Antonio

May 12, 2025 12:00 PM

Newmark announces the company has arranged the sale of The Flats at Big Tex, a 336-unit trophy multifamily asset located along the River Walk in Downtown San Antonio. Newmark Multifamily Capital Markets Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson represented the undisclosed seller in the transaction. San Antonio-based Kairoi Residential acquired the property. Vice Chairman Braden Harmon secured the financing on behalf of the buyer, San Antonio-based Kairoi Residential.

“The Flats at Big Tex presented investors with an outstanding core opportunity in San Antonio’s desirable Southtown neighborhood,” said Jones. “Its proximity to the Blue Star Arts Complex, the King William Historic District and downtown attracted strong interest from private investors. The property is an excellent addition to Kairoi Residential’s expanding Central Texas portfolio.”

Located at 423 Blue Star Street, The Flats at Big Tex is a vibrant, amenity-rich community offering residents a resort-style pool, pet-friendly spaces and a sky lounge with expansive downtown views. The property features a range of apartment layouts, a clubhouse, gaming areas, a WiFi café and a fully equipped fitness center. Additional conveniences include secure parking, bike storage and on-site retail with popular dining options such as Burgerteca and Roots Salad Kitchen. Set on the former Big Tex Grain Company site, the community incorporates original silos to reflect its historic roots.

“This acquisition aligns perfectly with our investment strategy of acquiring high-quality, infill assets in strong growth markets,” said Jasper Martin, Senior Vice President of Kairoi Residential. “Flats at Big Tex offers significant upside potential and positions us to continue delivering strong returns to our investors.”

Ideally positioned just one mile from San Antonio’s Central Business District, the property offers unparalleled access to major employers such as H-E-B’s corporate headquarters, Frost Bank, Geekdom, University of Texas San Antonio (UTSA) and Methodist Hospital. Its central location within the Southtown District places residents steps from San Pedro Creek Culture Park, the vibrant Pearl District and the city’s premier arts, dining, retail and entertainment destinations.

According to Newmark Research, San Antonio’s multifamily market is showing clear signs of recovery, supported by a decline in excess supply, strong net absorption (12,826 units) and an uptick in occupancy in 2024. The city’s robust economic momentum is further fueled by major developments such as Toyota’s $500 million expansion, growth in the cybersecurity and tech sectors and a commitment to advanced manufacturing.

About Kairoi Residential
Kairoi Residential is a premier, vertically integrated, multifamily investment, development, and property management company headquartered in San Antonio with offices in Austin, Dallas, and Denver. Since 2003, the partnership has transacted on $10.5 billion across 70,000 multifamily units in many cities and states around the country.

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. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.