As the active adult market has grown considerably in the last couple of years, so has Newmark’s involvement in the sector, having closed a number of transactions in 2021, including one recent three-property portfolio deal. The three Texas communities are on the higher end and were sold by a joint venture between two developers – Sparrow Partners and Entrepreneurial Properties Corporation. The Carlyle Group purchased the entire portfolio.
Built in 2017, Solea Copperfield is a 129-unit active adult community in Houston. It sold for $25.25 million, or $195,700 per unit. Solea Cinco Ranch, also located in Houston, was sold for $38 million, or $251,700 per unit. It was built in 2018 and comprises 151 units. Finally, Solea Alamo Ranch was sold in San Antonio for $40.24 million, or $218,700 per unit. Built in 2019, Solea Alamo Ranch has 184 units. With several recent Newmark deals coming our way, we expect to report on more portfolio deals similar to this one over the next few weeks.
