Magnolia Heights Attracts Investors Seeking Trophy Asset in Coveted Alamo Heights

Magnolia Heights, a 149-unit mid-rise trophy multifamily property in Alamo Heights, a suburb of San Antonio, recently sold to a separate account fund managed by New York-based Clarion Partners for an undisclosed purchase price, according to Newmark. The property was 98 percent occupied at the time of sale.

Newmark’s Patton Jones and Matt Michelson represented the seller, Cypress Real Estate Advisors, an institutional investment firm focusing on residential and mixed-use properties.

“Magnolia Heights attracted institutions and private family offices seeking a trophy asset in the highly coveted city of Alamo Heights,” said Jones. “We continue to see top-tier investors targeting core properties in supply-constrained urban locations.”

Constructed in 2020, Magnolia Heights features a mix of studio and one-, two- and three-bedroom units and 5,162 square feet of ground-level retail space. Magnolia Heights is located at 5500 Broadway St. within Alamo Heights along the Broadway Corridor, less than five miles north of downtown San Antonio.