Newmark announces it has completed the sale of Encore SoFlo, a 339-unit, mid-rise, trophy multifamily community located at 326 South Flores Street in downtown San Antonio, Texas.
The property traded from Encore Multi-family, a vertically integrated commercial real estate investment company, to SPI Advisory, a Dallas-based private equity firm that focuses on multifamily real estate. The purchase of the property represents SPI Advisory’s fourth multifamily acquisition—a total of 1,160 units—in the San Antonio market since August 2021. Newmark Managing Director Matt Michelson and Vice-Chairman Patton Jones represented the seller. Newmark Vice President Hank Glasgow and Senior Managing Director Braden Harmon of the firm’s Debt and Structured Finance group helped secure the acquisition financing on behalf of the buyer. The property was 92% occupied at the time of sale.