Newmark Facilitates Sale of 165 Unit Value Add Multifamily Asset in Northeast San Antonio

October 3, 2024 12:00 PM

Newmark announces it has arranged the sale of O'Connor Oaks, a 165-unit, value-add multifamily asset located at 13658 O'Connor Road in northeast San Antonio. Newmark Multifamily Capital Markets Senior Managing Director Jim Young and Director Chase Easley represented the seller, Austin-based JMB Group, in the transaction. Salt Lake City-based Preserve Partners was the buyer.

O'Connor Oaks offers a favorable rent proposition for tenants and includes an additional four acres of land, providing new ownership with significant development upside in the medium term. Previous ownership has completed moderate improvements, allowing for further potential in interior and systems upgrades and community enhancements.

"O'Connor Oaks drew competitive investor interest in the San Antonio multifamily market, where we are witnessing a continued influx of capital," said Young. "The property's compelling value-add proposition and limited multifamily supply in the immediate submarket position this asset to capture superior returns going forward."

Constructed in 1983, O'Connor Oaks is a garden-style community with an average unit size of 900 square feet and 297 parking spaces. Community amenities include two swimming pools with sun loungers, outdoor grilling and picnic areas, an onsite laundry facility, a business center and a fully-fenced dog park. The property offers a variety of one-, two- and three-bedroom floor plans.

The property benefits from strong area demographics, with an employment base of 128,498 within a five-mile radius, according to the U.S. Census Bureau's 2024 data. Major employers nearby include Northeast Methodist Hospital, the Randolph Brooks Federal Credit Union (RBFCU) headquarters and Northeast Lakeview College. Additionally, the community is near retail and recreational options such as Morgan's Wonderland, Live Oak Town Center and Forum at Olympia Parkway.

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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