Newmark announces it has facilitated the sale of The Luxx, a premier student housing community located at 6023 UTSA Boulevard in San Antonio, within walking distance of The University of Texas at San Antonio (USTA).
Newmark Vice Chairman and Head of the company’s Student Housing group Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the seller, a joint venture between Crow Holdings Capital and The Preiss Company. The buyer was Palladius Capital Management. The asset was 95% occupied at the time of the sale.
“Student housing demand remains high, and UTSA offers strong growth prospects for future enrollment,” said Lang. “Our team is proud to have been part of this seamless execution and congratulate the seller on their continued success in the market.”
The Luxx is just 20 minutes from the San Antonio metropolitan area, home to popular attractions such as the Riverwalk, La Villita, San Antonio Botanical Garden and numerous shopping malls. Six Flags Amusement Park is five minutes to the north, offering residents a variety of entertainment options and activities.
With strong enrollment growth projections, the San Antonio student housing submarket has no private off-campus student housing assets under construction through 2025. This lack of new development, coupled with San Antonio’s own population growth, continue to strengthen the supply and demand fundamentals of the UTSA market. Purpose-built student housing properties are expected to maintain stable occupancy and experience strong pre-leasing rates in the coming years.
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.
