Newmark Completes Sale of 330-Unit Luxury Multifamily Asset in South Texas Medical Center Area

December 5, 2024 9:00 AM

Newmark announces it has arranged the sale of The Sterling at Oak Hills, a 330-unit luxury multifamily asset in the South Texas Medical Center (STMC) area of San Antonio. Newmark Multifamily Capital Markets Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson represented the undisclosed seller in the sale to AHV Communities, a San Antonio-based developer and operator of luxury single-family rental communities. The transaction is AHV communities’ first multifamily acquisition in San Antonio and marks Newmark’s second time selling the asset.

“The property provided investors the opportunity to acquire a core asset, surrounded by the South Texas Medical Center and situated on the Oak Hills Country Club golf course,” said Jones. “With the immense projected growth of the healthcare industry, multifamily assets near medical hubs will benefit from a steady stream of renters for years to come.”

The Sterling at Oak Hills is located within a thriving medical hub, with 12 major hospitals, more than 45 clinics, 75 healthcare institutions and numerous small practices and offices within just three miles. The community is also close to major employers including USAA, Hulu, Amazon and Valero Energy, as well as a wealth of mixed-use, retail and entertainment destinations.

Built in 2019, the property offers resort-style amenities including a swimming pool, outdoor kitchen, fitness center and a clubhouse with a gourmet kitchen. The community offers spacious studio, one- and two-bedroom apartments with high-end finishes such as stainless steel appliances, granite or quartz countertops and large walk-in closets. With an occupancy rate of 95%, the asset underscores continued demand in the rapidly growing STMC area.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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