Newmark Facilitates Sale of 254-Unit Multifamily Asset in Kyle, Texas

June 6, 2024 1:00 PM

Newmark announces it has facilitated the sale of Oaks on Marketplace, a 254-unit luxury multifamily community near I-35 in Kyle, Texas.

Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, SPI Advisory, a Dallas-based multifamily private equity firm. The buyer was Sherman Residential, a Chicago-based owner and operator of luxury multifamily assets.

“Given volatility in the capital markets, Oaks on Marketplace offered investors a fantastic opportunity to acquire a stable, Class A property with attractive assumable financing,” said Jones. “Sherman Residential continues to prioritize multifamily exposure in Central Texas, and Oaks on Marketplace is a perfect addition given its location in Kyle, one of the fastest growing cities in the country.”

Built in 2017, the three-story, garden-style multifamily community spans more than 14 acres and offers varied one, two and three-bedroom floorplans. Amenities include two courtyards with lounge seating and grills, a resort-style pool, a 24-hour fitness center, two conference rooms and a multi-purpose media room. Oaks on Marketplace is near key employers such as Texas State University, Amazon and Ascension Seton Hays Hospital, with easy access to major highways.

According to the U.S. Census Bureau in May 2024, Kyle was ranked as the second fastest-growing city in the U.S. among cities with populations exceeding 50,000. Between July 2022 and July 2023, the city experienced a growth rate of 9%, placing it in the top three alongside Georgetown, Texas and Leander, Texas, both situated along or near the IH-35 corridor north of Austin.

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 year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.