Newmark announces the sale of Regency at Stone Oak, a 320-unit townhome community in north central San Antonio, Texas. Newmark Vice Chairman Patton Jones, Senior Managing Director Matt Michelson and Managing Director Andrew Dickson represented the sellers, Internacional and CenterSquare Investment Management, in the sale to the buyer, Atlantic|Pacific Cos through its third private equity fund Blue Atlantic Partners Fund III. This is the third time Newmark has represented the sale of Regency at Stone Oak.
“Regency at Stone Oak drew immense competitive investor interest from both private and institutional investors alike, which speaks to the continued strength of the San Antonio multifamily market,” said Michelson. “Investors were attracted to the differentiating townhome product, compelling value-add opportunity and excellent demographics in the Stone Oak submarket.”
Regency at Stone Oak’s resort-class amenities include a pool, sun deck, sauna, lounge seating, grills, outdoor kitchen, a 6,000-square-foot clubhouse with a business center and seating areas, and a state-of-the-art fitness center equipped with cardio machines, free weights, individual weight machines and fitness bikes. The property also features a fenced, off-leash bark park with agility course, covered children’s play area, controlled access gates and direct access attached garages. The property was 94 percent occupied at the time of sale.
Located at 25675 Overlook Parkway, Regency at Stone Oak is proximate to some of the city’s major employers in the area including Ridgewood Park, Sonterra Health Center, JP Morgan Chase San Antonio Corporate Center and Randolph Brooks Federal Credit Union’s headquarters. Nearby retails destinations, golf courses—namely, JW Marriott San Antonio Hill Country Resort and Spa—resorts and parks surround the community as well.
According to Newmark Research, multifamily rents across the U.S. significantly exceeded pre-pandemic levels. In San Antonio, rents in the second quarter of 2022 were up 23 percent from the fourth quarter of 2019. Additionally, absorption outpaced new supply in many markets; the San Antonio multifamily market experienced nearly double the amount of demand (6.6 million square feet) than supply (3.5 million square feet).
