Newmark announces the sale of Citizen House Decker—a 324-unit luxury multifamily property in East Austin, Texas which delivered in 2021. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Austin-headquartered commercial real estate company Endeavor Real Estate Group, in the sale to buyer, Toronto-based real estate advisory company Prism Multifamily Group. The purchase of the property—which has been rebranded as Spectra Parks—represents Prism’s first multifamily acquisition in the Austin market.
“Investors were attracted to the property’s East Austin location proximate to downtown; the nightlife of East 4th, 5th and 6th Districts, as well as the new Tesla facility under construction roughly four miles away,” said Jones. “The nearly 3.5 million square feet of nearby office space recently delivered, under construction or proposed further enhanced the investment opportunity, as the property sits in the middle of a developing live/work/play environment.”
The property’s community amenities include a resort-style pool with grills and dining area, a resident lounge with kitchen, co-working spaces and an arcade, as well as a full-equipped fitness and community center. Interior features include stainless steel appliances, granite countertops and oversized walk-in closets in each unit.
Located at 5301 Decker Lane, the property is within minutes of downtown Austin and major employers including Tesla, Amazon, Oracle and Dell Children’s Medical Center. The property is also proximate to the 700-acre Mueller Mixed-Use District which offers ample retail, dining and entertainment and newly developed Class A office space. The community is surrounded by parks, walking trails and picnic areas.
According to Newmark Research’s 3Q21 U.S. Multifamily Capital Markets report, markets throughout the Southwest have been some of the strongest performers in overall market returns over the past 12 months. Austin’s annualized total market return was 16.7%, more than 3 percentage points above the U.S. average for all markets.