Newmark has completed the sale and financing of The Sofia Apartments, a 210-unit value-add multifamily property located minutes from downtown Austin, Texas. The property traded from Dallas-based Lion Real Estate Group and Los Angeles-based Marble Partners Management, LLC to New York-based investment firm RockFarmer Properties. Newmark Senior Managing Director Jim Young and Director Chase Easley represented the seller in the transaction. Newmark Vice Chairman Matt Greer and Vice President Andrew Wilson helped arrange the financing from lender Bridge Investment Group on behalf of the buyer.
“The Sofia’s excellent location minutes from downtown Austin in the fast-growing East Riverside district presented investors with a value-add opportunity that was attractive to both institutional and private buyers alike,” said Young. “The asset’s proximity to major employers, including the Oracle and Tesla headquarters, positions The Sofia as a desirable alternative to more expensive downtown living options.”