Newmark Announces Sale of 308 Unit Value Add Multifamily Community in San Antonio Suburb

November 5, 2024 1:00 PM

Newmark announces the sale of Arya Grove, a 308-unit, value-add multifamily asset located in Universal City, Texas, a growing northeast suburb of San Antonio. Newmark Multifamily Capital Markets Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson represented the seller, Austin-based Internacional Realty, in the sale to Knightvest Residential. The transaction marks Newmark's third time selling this asset, after prior sales in 2018 and 2013.

"Arya Grove presented investors with a compelling value-add investment opportunity in the fast-growing northeast submarket of San Antonio," said Jones. "Universal City is highly desirable because of limited multifamily supply, excellent schools and solid demographics."

Built in 2006, Arya Grove is a garden-style community that features a mix of one-, two- and three-bedroom units with an average unit size of 800 square feet. Community amenities include a pool with a sundeck and grilling stations, picnic and courtyard areas, a recently upgraded fitness center, a dog park with agility course, a playground and controlled access gates. The property offers significant upside potential through the opportunity for interior upgrades.

Arya Grove is strategically located at 11801 E Loop 1604 N., near premier retail, restaurant and entertainment destinations such as The Forum at Olympia Parkway, Live Oak Town Center and Northwoods. The property further benefits from its proximity to abundant employment opportunities and a highly-educated workforce, making it an attractive choice for professionals seeking a balanced lifestyle close to work and leisure.

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 year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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