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June 17, 2024
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Chicago Multifamily Owner Buys 254-Unit Texas Res Asset


Sherman Residential, a Chicago-based owner and operator of luxury multifamily assets , closed on a Texas res buy, picking up Oaks on Marketplace, a 254-unit luxury multifamily community near I-35 in the city of Kyle. The property was sold by SPI Advisory, a Dallas-based multifamily private equity firm.

Built in 2017, the three-story, garden-style multifamily community spans more than 14 acres and offers varied one, two and three-bedroom floorplans. Amenities include two courtyards with lounge seating and grills, a resort-style pool, a 24-hour fitness center, two conference rooms and a multi-purpose media room. Oaks on Marketplace is near key employers such as Texas State University, Amazon and Ascension Seton Hays Hospital, with easy access to major highways.

Patton Jones and Andrew Dickson with Newmark represented the seller in the deal.

“Given volatility in the capital markets, Oaks on Marketplace offered investors a fantastic opportunity to acquire a stable, Class A property with attractive assumable financing,” said Jones. “Sherman Residential continues to prioritize multifamily exposure in Central Texas, and Oaks on Marketplace is a perfect addition given its location in Kyle, one of the fastest growing cities in the country.”

According to the U.S. Census Bureau in May 2024, Kyle was ranked as the second fastest-growing city in the U.S. among cities with populations exceeding 50,000. Between July 2022 and July 2023, the city experienced a growth rate of 9%, placing it in the top three alongside Georgetown, Texas and Leander, Texas, both situated along or near the IH-35 corridor north of Austin.

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