Encore SoFlo Proves Wildly Popular with Institutional and Private Investors

Encore SoFlo, a 339-unit mid-rise multifamily community located at 326 South Flores St. in downtown San Antonio, recently sold for an undisclosed purchase price. The property traded from Encore Multi-family 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, a total of 1,160 units in the San Antonio market since August 2021.

Newmark’s Matt Michelson and Patton Jones represented the seller. Newmark’s Hank Glasgow and Braden Harmon of the firm’s debt and structured finance group helped secure the acquisition financing on behalf of the buyer. The property was 92 percent occupied at the time of sale.

“Encore SoFlo was wildly popular with both institutional and private investors,” said Michelson. “The 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.”

Constructed in 2019, Encore SoFlo features a mix of studio, one- and two-bedroom units with an average unit size of 809 square feet.