Newmark announces the sale of Magnolia Heights, a 149-unit, mid-rise, trophy multifamily property in Alamo Heights, Texas, a suburb of San Antonio. Newmark Vice Chairman Patton Jones and Managing Director Matt Michelson represented the seller, Cypress Real Estate Advisors (CREA), an institutional investment firm focusing on residential and mixed-use properties, in the sale to the buyer, a separate account fund managed by New York-based Clarion Partners. The property was 98% occupied at the time of sale.
“Magnolia Heights attracted institutions and private family offices seeking a trophy asset in the highly coveted City of Alamo Heights,” said Jones. “We continue to see top-tier investors targeting core properties in supply-constrained urban locations.”