Matthew Cravey Completed 32,592 SF Lease to VeriTrust Corp on Old Brownsville Rd in Corpus Christi

Matthew Cravey, President of Cravey Real Estate Services, Inc., completed a 32,592 SF lease to VeriTrust Corporation located at 4930 Old Brownsville Rd, Corpus Christi, Texas. The building was originally built and housed Nabisco. Matthew Cravey represented the Tenant in this lease with Stonewater Properties (Landlord). Stonewater Properties is a British Columbia-based real estate investment firm that provides clients with the opportunity to invest in select mid-market commercial properties

For almost 20 years, VeriTrust has been entrusted to manage and protect information assets for large and small businesses; including Fortune 100 Companies. VeriTrust currently serves the Greater Houston Area, including The Woodlands, Kingwood, Galveston Area, Texas City, Katy and Sugarland. As well as the Central Texas region, including Austin-Round Rock, San Marcos, Buda, Kyle, San Antonio-New Braunfels, Schertz and Seguin.About Cravey Real Estate Services, Inc.

Cravey Real Estate Services is a full-service commercial and industrial real estate company based in Corpus Christi, Texas. We sell, lease, and manage Commercial, Industrial, Warehouse, Office, Retail, Shopping Centers, Land, and Investment Properties in Texas. To learn more, visit our website at //craveyrealestate.com/.

Contact
Matthew Cravey, SIOR, CCIM
President
TX #203443
matt@craveyrealestate.com
(C) 361.877.2463
(O) 361.221.1915

Newmark Arranges Sale of 323-Unit Multifamily Asset in North Central San Antonio

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.”

Newmark Facilitates Sale of 339-Unit Trophy Multifamily Property in Downtown San Antonio

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.

Newmark Announces Sale of Newly Delivered, 324-Unit Multifamily Property in Austin, Texas

Newmark announces the sale of Citizen House Decker—a 324-unit luxury multifamily property in East Austin, Texas which delivered in 2021. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Austin-headquartered commercial real estate company Endeavor Real Estate Group, in the sale to buyer, Toronto-based real estate advisory company Prism Multifamily Group. The purchase of the property—which has been rebranded as Spectra Parks—represents Prism’s first multifamily acquisition in the Austin market.

“Investors were attracted to the property’s East Austin location proximate to downtown; the nightlife of East 4th, 5th and 6th Districts, as well as the new Tesla facility under construction roughly four miles away,” said Jones. “The nearly 3.5 million square feet of nearby office space recently delivered, under construction or proposed further enhanced the investment opportunity, as the property sits in the middle of a developing live/work/play environment.”

The property’s community amenities include a resort-style pool with grills and dining area, a resident lounge with kitchen, co-working spaces and an arcade, as well as a full-equipped fitness and community center. Interior features include stainless steel appliances, granite countertops and oversized walk-in closets in each unit.

Located at 5301 Decker Lane, the property is within minutes of downtown Austin and major employers including Tesla, Amazon, Oracle and Dell Children’s Medical Center. The property is also proximate to the 700-acre Mueller Mixed-Use District which offers ample retail, dining and entertainment and newly developed Class A office space. The community is surrounded by parks, walking trails and picnic areas.

According to Newmark Research’s 3Q21 U.S. Multifamily Capital Markets report, markets throughout the Southwest have been some of the strongest performers in overall market returns over the past 12 months. Austin’s annualized total market return was 16.7%, more than 3 percentage points above the U.S. average for all markets.