ARA Newmark Arranges Sale of San Antonio’s Agave
- May 23, 2017
ARA Newmark announced it has arranged the sale of Agave, a 349-unit luxury mid-rise asset located in the Southtown area of San Antonio, to Castle Lanterra Properties. The transaction marks Castle Lanterra’s debut in the San Antonio market.
Vice Chairman Pat Jones and Managing Director Matt Michaelson represented owners Greystar and Carlyle. According to Yardi Matrix data, the property traded for roughly $66 million, and the acquisition was subject to a $49 million loan held by Fannie Mae.
“The scarcity of mid-rise multifamily properties in the area coupled with Agave’s River Walk frontage and Class A status made the property particularly attractive to both institutional and private investors,” Michelson said in a prepared statement.
Agave is sited on 4.91 acres at 633 South St. Mary’s St., south of downtown and in close proximity to major employment, retail and entertainment, including the Historic King William District. The unit mix offers one- and two-bedroom floorplans ranging in size between 547 to 1,299 square feet. Common area amenities include a rooftop Sky Lounge, a resort-class pool area with an outdoor kitchen and palm tree courtyard, a shaded patio deck facing the River Walk and fitness club with yoga/Pilates/barre. The clubhouse has a resident lounge with a chef’s kitchen and dining room and a resident conference room with private work areas.
“Southtown is developing into an urban hotspot and a beacon for young professionals,” added Jones. “The area is rapidly gentrifying, but retains an eclectic mix of hip bars, restaurants and boutiques, making it a unique location that appeals to tenants and investors alike.”
Images courtesy to Yardi Matrix & Agave