Newstream Capital Partners is looking to offload a pair of parcels in downtown San Antonio where a luxury apartment development was once in the works.
An affiliate of Dallas-area-based Newstream has hired CBRE brokers to sell the sites at 112-120 Villita Street and 126 Villita Street, spanning nearly an acre along the River Walk, the San Antonio Express-News reported. The properties comprise a parking lot and a vacant building.
An asking price has not been disclosed, although the sites are valued at a combined $7.5 million for tax purposes. CBRE is playing up their prime location, near attractions like Hemisfair Park, the Henry B. González Convention Center, the Alamo and potentially a new arena for the San Antonio Spurs.
Newstream acquired the sites in 2021 from Dallas-based JMJ Development, which, five years prior, proposed a 30-story luxury tower featuring 201 apartments, upscale restaurants and retail space. JMJ later modified the $70 million project to include additional apartments and office space, while scrapping the restaurant component.
In 2019, JMJ revealed plans for an adjacent apartment complex, collaborating with Opportunity Home San Antonio — formerly the San Antonio Housing Authority — on a 250-unit building with affordable housing for residents earning up to 80 percent of the area median income.
The projects never got off the ground, though.
In 2022, JMJ Development president Timothy Barton was hit with federal charges, including wire fraud, conspiracy and securities fraud, for allegedly defrauding Chinese investors of over $26 million.
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Marketing materials cater to prospective multifamily developers, with a rendering of a 24-story apartment building at 112 Villita, featuring 226 apartments, a fitness center, a rooftop pool and restaurant, and retail space.
High interest rates and tough lending standards have stymied multifamily sales in San Antonio since last year. Of the few multifamily sales that have occurred this year, many have been driven by distress and impending loan maturities.
In a non-distress sale, Austin-based WayMaker Ventures purchased a 191-unit downtown complex in April.
—Quinn Donoghue