San Antonio, TX (June 2, 2022) — Newmark announces the sale of Alamo Park, a 309-unit value-add multifamily asset located in northeast San Antonio, Texas. The property traded from Achieve Investment Group—an Austin-based value-add multifamily investment firm— to River Rock Capital, a private real estate investment firm specializing in the acquisition and management of multifamily properties based in Lawrence, New York. Newmark Senior Managing Director Jim Young, Senior Managing Director Matt Michelson and Director Chase Easley represented the seller in the transaction.
“Alamo Park attracted robust interest from both private and institutional investors across the United States, as they were drawn to the asset’s excellent location and San Antonio’s growing economy,” said Young. “The property presented buyers with a compelling value-add opportunity in a submarket surrounded by prominent employment bases and retail areas.”
Alamo Park is a 309-unit, garden-style apartment community located at 2355 Austin Highway in San Antonio, Texas. The property features a mix of one- and two-bedroom units with an average unit size of 658 square feet. Unit interiors feature fully equipped kitchens, ceiling fans, walk-in closets, tile surround tub/showers and private patios or balconies. Select upgraded units feature vinyl plank flooring, vaulted ceilings and wood burning fireplaces. Community amenities include swimming pool, fitness center, picnic area with grills, volleyball court, covered parking and gated access. The asset was 94% occupied at the time of sale.
Located in Northeast San Antonio, Alamo Park benefits from a desirable location in proximity to some of the city’s major employers including Amazon, Rackspace, Southwest Airlines and Fort Sam Houston. The property is also proximate to an abundance of mixed-use, retail, entertainment and recreation destinations including Alamo Heights, The Quarry, Terrell Plaza, and multiple golf courses, resorts, and parks.
Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63.0 billion in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 billion. Remarkably, major markets in Florida and Texas accounted for 27.3% of total volume over the past 12 months.