January 3, 2022 10:00 AM
星空体育app下载 announces it has completed the sale of Encore SoFlo, a 339-unit, mid-rise, trophy multifamily community located at 326 South Flores Street in downtown San Antonio, Texas.
The property traded from Encore Multi-family, a vertically integrated commercial real estate investment company, to SPI Advisory, a Dallas-based private equity firm that focuses on multifamily real estate. The purchase of the property represents SPI Advisory’s fourth multifamily acquisition鈥攁 total of 1,160 units鈥攊n the San Antonio market since August 2021. 星空体育app下载 Managing Director Matt Michelson and Vice Chairman Patton Jones represented the seller. 星空体育app下载 Vice President Hank Glasgow and Senior Managing Director Braden Harmon of the firm鈥檚 Debt and Structured Finance group helped secure the acquisition financing on behalf of the buyer. The property was 92% occupied at the time of sale.
鈥淓ncore SoFlo was wildly popular with both institutional and private investors,鈥� said Michelson. 鈥淭he community’s downtown location steps from Southtown and the River Walk presented a rare opportunity to acquire a coveted piece of real estate in a walkable, 24-hour lifestyle hub. Its exceptional construction, resort-class amenities and contemporary design will make Encore SoFlo a mainstay in the market for years to come.鈥�
Constructed in 2019, Encore SoFlo is a luxury multifamily community featuring a mix of studio, one- and two-bedroom units with an average unit size of 809 square feet. Unit interiors include 10- to 18-foot ceilings, faux wood flooring, designer carpet, stainless steel appliances, quartz countertops, pendant lighting, soaker tubs, oversized walk-in closets and washer/dryer sets in every unit. Community amenities include a rooftop lounge with sweeping downtown views; resort-style pool with the poolside bar; courtyards with firepit and grill area; fitness center; game room; dog run and clubhouse with media room, coffee bar, business center and conference room.
Encore SoFlo is centralized near the River Walk, steps from the heart of Southtown, the Historic King William District and San Pedro Creek Culture Park. Residents enjoy quick and convenient access to downtown San Antonio鈥檚 major employment centers and most exciting hot spots. The immediate area has transformed into a walkable, 24-hour lifestyle hub with new restaurants, retail, entertainment and recreation all within minutes of the community.
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.
About 星空体育app下载
星空体育app下载 Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. 星空体育app下载鈥檚 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鈥檚 global reach with market intelligence in both established and emerging property markets, 星空体育app下载 provides superior service to clients across the industry spectrum. 星空体育app下载 generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. 星空体育app下载鈥檚 company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow .
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