Newmark Facilitates Sale of 260-Unit Trophy Multifamily Asset in Downtown San Antonio

December 9, 2024 9:00 AM

Newmark announces it has completed the sale of Augusta Flats, a 260-unit trophy multifamily asset located in downtown San Antonio, Texas. Newmark Multifamily Capital Markets Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson facilitated the transaction on behalf of seller Benefit Street Partners, marking the team's second time overseeing the sale of Augusta Flats. The asset was acquired by San Antonio-based Lynd.

"Augusta Flats presented investors with an outstanding core opportunity in the highly sought-after Broadway corridor of San Antonio," said Jones. "Located strategically between the CBD and the Pearl and surrounded by San Antonio's top entertainment and employment nodes, the asset garnered significant interest from private investors."

Built in 2021, Augusta Flats features a range of studio, one- and two-bedroom floorplans averaging 797 square feet. Community amenities include a skyline rooftop terrace, a clubhouse with a conference room and golf simulator, a swimming pool with lounge seating, a self-service micro-market and a fitness center with cardio and weight machines. The property also includes a parking garage and controlled access gates.

Located in the dynamic River North/Lower Broadway corridor, Augusta Flats is just one mile from the Pearl Brewery entertainment district and within minutes of San Antonio's most popular restaurants, bars, natural attractions and boutique retail. The property is highly accessible to some of the city's largest employers, including HEB Grocery Corporate HQ, Frost Bank, Geekdom, the University of Texas San Antonio (UTSA), Wells Fargo, USAA and Methodist Hospital.

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 September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark's company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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