Waterford Park is REEP’s 15th San Antonio Acquisition

Waterford Park, a 224-unit value-add multifamily property in Northeast San Antonio, recently sold to San Antonio-headquartered REEP Equity for an undisclosed purchase price. Built in 2008, the property was 96 percent occupied at the time of sale.

“Waterford Park is our 15th acquisition and reflects our continued success investing in the San Antonio MSA. We established a multifamily presence in this market almost 10 years ago,” said Arleen Garza, co-founder who leads acquisitions for REEP Equity. “Waterford Park is a premier asset with tremendous upside that fits our growth strategy to improve the quality of our investment portfolio and the communities we serve. San Antonio continues to exhibit proven fundamentals: a strong job market, population growth and robust rent growth. This is our second investment in Converse and we have enjoyed a great relationship with the Converse Economic Development Corporation who leads the charge in this fast-growing suburb of San Antonio.”

Newmark’s Matt Michelson represented the seller, Kansas-based developer and investor, Cohen-Esrey. This is the second time Newmark has handled the sale of the asset since 2017.

“Waterford Park drew competitive investor interest, as we continue to see capital flow into the San Antonio multifamily market,” said Michelson. “Given the property’s compelling value-add opportunity and limited multifamily supply in the immediate submarket, this asset is uniquely positioned to capture superior returns going forward.”