Newmark announces it has completed the sale of The Standard at Legacy, a 323-unit, mid-rise, trophy multifamily asset located at 1938 E. Sonterra Boulevard in the Stone Oak area of San Antonio, Texas.
Newmark Vice Chairman Patton Jones and Managing Director Matt Michelson represented the seller, Embrey, a San Antonio-headquartered diversified real estate investment company that owns, develops, builds, acquires, and manages multifamily residential communities and commercial assets in targeted markets across the United States. The buyer was Sherman Residential, a Chicago-based multifamily investor and operator. The property was 98% occupied at the time of sale.
“Embrey is known for building exceptional-quality apartment communities in excellent locations,” said Jones. “The Standard at Legacy attracted institutions and private investors seeking a trophy, core asset in one of San Antonio’s most affluent suburban areas.”