Newmark announces the sale of ReNew at TPC, a 408-unit, value-add multifamily asset located in northeast San Antonio, Texas. The property traded from FPA Multifamily—a San Francisco-headquartered, privately held multifamily investment firm—to DB Capital Management, a private multifamily investment firm based in Playa Vista, California. Newmark Vice Chairman Patton Jones, Senior Managing Director Matt Michelson and Managing Director Andrew Dickson represented the seller in the transaction.
“ReNew at TPC presented investors with an outstanding value-add opportunity in the highly sought-after North San Antonio submarket,” said Jones. “The asset’s location near Stone Oak surrounded by affluent demographics and expensive single-family homes attracted significant private investor interest focused on contemporary upgrade opportunities. ReNew at TPC will be an excellent addition to DB Capital’s growing Central Texas portfolio.”
ReNew at TPC is a 408-unit, garden-style apartment community located at 5707 TPC Parkway in San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average unit size of 905 square feet. Unit interior features include nine-foot ceilings, hardwood-style flooring, kitchens with stainless steel appliances and granite counter tops, and oversized walk-in closets. Community amenities include a pool with sundeck and lounge seating, grilling areas, clubhouse with resident lounge and executive business center, 24-hour fitness center and fenced dog park.
The average household income within a one-mile radius of ReNew at TPC is nearly $120,000 per year, while 51.3 percent of this same population holds a bachelor’s degree or higher. The property is proximate to an abundance of major employers in the area, including the RidgeWood Park (home to Marathon Petroleum Corp.), Sonterra Medical Center, JP Morgan Chase Corporate Center, Amazon, and the Randolph Brooks Federal Credit Union (RBFCU) headquarters. Surrounding retail destinations including Village at Stone Oak, Legacy, Northwoods, Sonterra Village and The Vineyard. Additional nearby attractions include multiple golf courses, resorts and parks, including JW Marriott San Antonio Hill Country Resort and Spa.
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 percent. Trailing twelve-month volume increased to $374.3 billion. Remarkably, major markets in Florida and Texas accounted for 27.3 percent of total volume over the past 12 months.