Northmarq’s San Antonio office finalizes sale of 118-unit multifamily property in Mission, TX
SAN ANTONIO (Jan. 2, 2024) — Northmarq’s San Antonio Multifamily Investment Sales team led by Zar Haro, Moses Siller, Phil Grafe, Bryan VanCura and Brian Booth closed the sale of Las Misiones Apartments. The team successfully brokered the deal between the sellers, private investors Raffaele and Filomana Gesmundo, and the buyer, McGuire Family Properties. Built in 2005 and comprised of 118 units, the asset is located at 3807 Plantation Boulevard in Mission, a city in the heart of Texas’ steadily growing Rio Grande Valley.
Upon hearing rumors of the Las Misiones Apartments soliciting off-market offers, McGuire Family Properties swiftly engaged, aware of its prime and coveted location in the Rio Grande Valley. Despite the holiday season and a cyberattack on Fidelity Title, the team navigated through one of the toughest sales periods in nearly two decades, securing the property within 40 hours and promising a 30-day close.
"When the deal is good you move. McGuire always does exceptionally well in times of uncertainty; they play fair and fast and are wonderful people to work with,” reflected Haro on the sentiment surrounding the transaction.
Zar Haro commented on the intensity of the situation, "It was stressful as everyone was on edge: bankers, brokers, title companies and attorneys. Closing in this market takes a real tough personality to manage the obstacles and keep all parties at ease. This transaction epitomized the tenacity and efficiency of involved parties, overcoming challenges to meet a swift and satisfactory closure.”
Located in one of the fastest-growing metropolitan statistical areas in the nation, Las Misiones Apartments is also strategically situated in the center of the city, near high-quality schools and beautiful parks such as the National Butterfly Center and Quinta Mazatlan. The community offers residents the choice between one-, two- and three-bedroom apartment homes ranging from 751 to 1,359 sq. ft., all equipped with designer interior finishes, in-unit washer/dryer, walk-in closets, stainless steel appliances, granite countertops and a balcony. Residents also enjoy access to a resort-style swimming pool, fitness center, laundry facilities, playground, business center, clubhouse and lounge, basketball court, courtyard, package service, bicycle storage, and rentable storage space.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
