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.”
In a prepared statement, Embrey’s Managing Director and Executive Vice President John Kirk stated: “This is a best-in-class community in a premier location with easy access to Highway 281 and Loop 1604. Standard at Legacy supports the active lifestyles of today’s rising professional with a wide range of residential amenities and easy access to the high-end dining, shopping and employers in the area.”
Built in 2020, The Standard at Legacy is a unique community of townhomes and flats featuring a mix of studio, one-, two- and three-bedroom units with an average unit size of 946 square feet. Unit-interior features include stainless steel appliances, quartz countertops, tile backsplash, under-cabinet lighting, soaking tubs, oversized walk-in closets, smart locks and USB outlets. Community amenities include swimming pool with cabanas; outdoor living area with kitchen, games and fire pit; expansive clubhouse with catering kitchen and golf simulator; state-of-the-art fitness center; dog park and pet spa; bike-repair boutique and car charging stations.
Located in North Central San Antonio, The Standard at Legacy benefits from a desirable location in proximity to some of the city’s major employers including the RidgeWood Park (home to Marathon Petroleum Corp.), Sonterra Medical Center, JP Morgan Chase Corporate Center and the Randolph Brooks Federal Credit Union (RBFCU) headquarters. The community is located within the Legacy Shopping Center, offering residents a wide array of restaurant and entertainment venues all within walking distance.
Sunbelt markets such as San Antonio continue to drive the highest demand and garner the most attention from multifamily investors and developers. Year-to-date, approximately 3,800 new units have been added to the inventory, and over 10,250 units have been absorbed. Despite elevated supply, five-year forecasts show the market balancing as demand is likely to remain strong due to positive economic drivers, namely continued job and population growth.