February 22, 2021 10:00 AM
Newmark announces the sales of The Heritage and Urban Crest, two multifamily communities in northeast San Antonio. The Heritage, built in 2005, is a 305-unit value-add property, while Urban Crest is a 232-unit, luxury mid-rise built in 2015. The properties sold for undisclosed prices. At the time of sale, The Heritage was 93% occupied and Urban Crest was 88% occupied.
Newmark Vice Chairman Patton Jones and Managing Director Matt Michelson represented the seller of both properties, Austin-based CFH Investment Partners, a real estate investment and asset management firm. The Heritage traded to Terrain Capital Partners, an Austin-based real estate investment firm specializing in the acquisition and investment management of multifamily assets primarily in the Texas markets. This is Terrain Capital Partners’ fifth acquisition in San Antonio in the last three years. Urban Crest traded to an affiliate of Chicago-based Morningside Group (Morningside), a national multifamily and mixed-use developer and investor. This is Morningside’s first acquisition in the San Antonio market.
“These two properties represented two different ends of the spectrum with one being an incredible value-add opportunity in a thriving suburban community and the other a luxury mid-rise in an urban infill location,” said Jones. “We were able to close both smoothly and in tandem, which is evidence of the robust investor interest in a resilient San Antonio multifamily market.”
According to the San Antonio Economic Development Foundation, the city is expected to gain over 26,000 new jobs in 2021, including positions generated by PwC, Amazon, Oracle and USAA. Additionally, the population is projected to increase by 1.5%.
Nationally, Newmark Research cited a 115.2% quarter-over-quarter increase in multifamily sales during 4Q20 and the quarter’s volume surpassed 4Q19 as the largest quarterly investment sales figure to date, boding well for a strong start to 2021.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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