Newmark announced that it has completed the sale of Cordevalle, a 280-unit luxury multifamily asset located at 650 Louis Henna Boulevard in Round Rock, Texas. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Internacional, in the sale. The buyer and sale price were undisclosed.

“Cordevalle presented investors with a value-add opportunity in the highly desirable Round Rock submarket,” said Jones. “As the cost of single-family housing continues to skyrocket in the Austin MSA, more renters are seeking highly amenitized, luxury apartment communities, particularly in first-ring suburban communities like Round Rock. Investors were attracted to Cordevalle’s proximity to major tech campuses and the fact that it is next door to Dell’s U.S. Corporate headquarters.”

Cordevalle was marketed as part of the Austin Silicon Hills Portfolio along with the Estates at Bee Cave, a 316-unit luxury multifamily asset in nearby Bee Cave, Texas that recently sold to an affiliate of Abacus Capital Group for an undisclosed price. Both properties are located in highly desirable suburbs of Austin, surrounded by award-winning schools, top employment, large retail centers, and an abundance of outdoor recreation.

Built in 2014, Cordevalle is a garden-style multifamily community that features a mix of one- and two-bedroom units averaging 789 square feet. Property amenities include a resort-class pool, outdoor summer kitchen with grilling areas, resident-only dog park, modern clubhouse, fully equipped private conference room and business center, and 24-hour fitness center.

The area offers a strong employment base, with approximately 141,840 jobs within a five-mile radius of the community. Major employers in the area include Dell World Headquarters, Amazon, Apple, Facebook, IBM, NI, Indeed, Vrbo, 3M, GM, Oracle, Visa, Samsung, and St. David’s Healthcare.

According to the U.S. Census Bureau, Austin experienced in-migration of roughly 67,200 people between July 2019 and July 2020 – the fastest growth of any metro with at least one million residents, fueled largely by the city’s expanding employment opportunities. The influx of new residents has led to rising multifamily demand and, accordingly, rental rates. An analysis of RealPage Inc. data by The Business Journals ranked the Austin-Round Rock MSA the 17th fastest-rising U.S. rental market, based on rent growth of 14.8% between 1Q20 and 3Q21

As part of its Operation 25K expansion, multifamily investor, manager and developer MC Companies has purchased its third Texas multifamily community this year – The Sage at 1825 and Sage Cottages (“The Sage”), two adjacent properties totaling 455 units in the rapidly growing Pflugerville suburb of northeast Austin.

Following its proven value-add investment approach, MC Companies will deploy a robust renovation strategy at The Sage and rebrand the properties as The Place at 1825.

“The Sage represents a deep value-add opportunity where 94 percent of the units are in classic condition, offering a significant opportunity to renovate, modernize and rebrand as The Place at 1825,” said MC Companies Director of Acquisitions Bobby Bull. “This makes for an ideal new addition to our growing portfolio and a strong long-term acquisition for our investors, in a market where we see high job growth and high demand for housing. We are eager to find more properties like this in Austin and similar markets.”

Located at 15835 Foothill Farms Loop in Pflugerville, Texas, The Place at 1825 will offer studio, one-, two- and three-bedroom floorplans ranging from 690 to 1,350 square feet. Amenities include a resort-style swimming pool, main clubhouse, business center, fitness center, soccer field, on-site dog park and playground.

Apartments feature hardwood floors, arched entries and private interior staircases. Select units feature fireplaces and walk-in closets, and a mix of carport, attached and detached garage options.

The MC Companies renovation plan will upgrade kitchens, bathrooms, fixtures and appliances, modernize exteriors and common areas, and add contemporary features such as Amazon storage lockers to reflect the expectations of residents in the metro Austin market.

The community offers convenient access to Tollway 130 and Interstate 35, and major employment centers such as Parmer Center, La Frontera and Tech Ridge Center. It is also just 20 minutes from a planned $17 billion Samsung Electronics chip plant expected to generate thousands of new jobs.

Acquisition of The Sage was made possible by an equity portion from MC Companies and its investors. The CBRE Debt/Equity team of Michael Thompson and Frances Rodgers arranged the debt financing. CBRE’s Charles Cirar, Michael Wardlaw, Colin Cannata and Connor Moore served as the property listing broker.

The Sage is the third multifamily asset purchased in Texas this year by MC Companies. It is part of Operation 25K, designed to grow the MC portfolio from 6,000 to 25,000 units under ownership by 2029. With its acquisition of The Sage, total units under ownership and management by MC Companies now totals approximately 7,000.

MC’s two previous 2021 Texas multifamily acquisitions include the 384-unit Enclave at Cypress Park and 264-unit Paramount Apartments, both located in the Houston suburb of Katy, Texas. MC Companies will combine and rebrand the properties as The Place at Barker Cypress and deploy a value-add investment strategy similar to the one planned at The Sage.

MC Companies founders Ken McElroy and Ross McCallister have been leaders in the multifamily investment industry for over 30 years. The company continues to actively pursue new land for development and existing properties for value-add investment.

Luxurious 328-Unit Class A Apartment Homes Acquired by American Landmark

SAN ANTONIO—October 26, 2021. San Antonio-based Koontz Corporation (Koontz) today announced it has sold Palmetto Pointe Luxury Apartment Homes, a 300,000-plus square foot, 328-unit class A multi-family community located in San Antonio, Texas to Florida-based American Landmark.

“We have enjoyed incredible results and success with our multi-family projects in San Antonio,” said Koontz Corporation President and CEO Bart Koontz. “Palmetto Pointe Luxury Apartment Homes is a prime example of our experience in developing a class A luxury apartment homes in our region. We are pleased that American Landmark recognized the value that we have created.”

Developed and constructed by Koontz, Palmetto Pointe was completed in November 2020 and is situated on a pristine 15.2-acre tract located at USAA Boulevard and Fredericksburg Road, near the USAA main campus and the South Texas Medical Center. The 13-building urban development was designed with stone and stucco exteriors and one- and two-bedroom garden apartment homes. All apartments feature island kitchens with stainless steel appliances and Class A finishes, including quartz countertops, custom cabinetry and brushed nickel hardware; nine-foot ceilings; simulated wood and ceramic tile flooring; garden-style bathtubs; full-size washers and dryers; oversized walk-in closets; ample storage space; private patios and balconies; and private detached garages. The community’s amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and fire pit, as well as a fitness center and a resident clubhouse.

Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.

Koontz has multiple commercial projects under construction and development including, The Moderno Apartment Homes in New Braunfels; Encino Trace Apartment Homes in College Station; Fiesta Trails located at 12631 Vance Jackson Road, a 10-acre site which previously housed the Regal Fiesta Stadium 16 theater; and Westport Industrial Park, a 35-acre industrial project near the corner of South Callaghan Rd and Highway 151 on the near west side of San Antonio.

Since its founding in 1997, Koontz Corporation has developed over seven million square feet of commercial properties, including 22 multi-family projects totaling over six million square feet and more than 5,700 units. In addition to multi-family, the scope of Koontz’s properties includes office, medical office, industrial/flex and retail.

“We remain strongly committed to actively developing and investing in the city of San Antonio and Texas,” said Koontz. “And we look forward to continuing to provide exceptional caliber projects to serve the ever-growing communities where we are located.”

About Koontz Corporation

Headquartered in San Antonio, Koontz Corporation is an award-winning industry leader in the development of commercial and multi-family properties throughout the state of Texas. The company takes great pride in building projects of enduring quality and exceptional value for their clients, investors, buyers and tenants. For more information, visit //koontzcorp.com.

Construction has begun on Alsatian Oaks, a 435-acre master-planned community in Castroville, Texas, a historic town founded in 1844 adjacent to San Antonio. When complete, the community will feature 950 homes, a “best-in-class” amenity center, including neighborhood parks and miles of hike and bike trails, and more than 400,000 square feet of restaurants, retail and medical office space. This project represents an investment of more than $500 Million into the City of Castroville.

Alsatian Oaks is a decade-long commitment for San Antonio-based Merit Commercial Real Estate, which made its first investment in Castroville in 2009. “At Merit, our focus has always been creating long-term value for our partners, including the communities we invest in, and Alsatian Oaks is no exception,” stated Will Collins, CEO of Merit. Merit Commercial Real Estate is the result of a recent merger between Terracor Real Estate and Freestone Commercial. Merit is a full-service commercial real estate company that focuses on providing unique solutions to clients and partners through brokerage, development and investments.

Founded in 1844 by farmers from Alsace, a French region that borders Germany, Castroville maintains a uniquely European agricultural architectural style, a result of the community’s commitment to preserving its Alsatian heritage. For Alsatian Oaks, Merit spent more than ten years working with the City of Castroville and brought in architectural talent from across the state to ensure that the new development honored the city’s heritage and paid tribute to the area’s unique architectural style.

The development follows exceptional growth in the Castroville area. The population has increased 11.4% over the past 5 years within a 10-mile radius with projections to increase another 18.24% over the next 5 years. Castroville lies within the highest growth submarket for the San Antonio area with more than 5,321 new home starts in the past year and an average home price increase of over 27% during that period. Traffic on Highway 90 has increased to more than 50,000 vehicles per day and there are multiple ongoing projects to increase capacity and accessibility to Highway 90. Numerous restaurants and commercial retailers, including Walmart, have opened in the area recently, sparking further growth and investment.

Austin, TX (Oct. 22, 2021) — Newmark announces the sale and financing of Enclave at Water’s Edge, a 184-unit multifamily property in a rare infill location proximate to The Domain and within Austin’s growing tech corridor–‘Silicon Hills’. Located at 12330 Metric Boulevard, the community was 94% occupied at the time of sale.

Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the undisclosed seller in the sale. Newmark Vice Chairman Matt Greer and Vice President Andrew Wilson facilitated financing on behalf of the buyer, Wildhorn Capital. Bridge Investment Group provided the financing. Newmark has handled the sale of Enclave at Water’s Edge three times since 2014.

“Enclave at Water’s Edge is in an outstanding location, minutes from The Domain, Austin’s ‘second downtown’ and the new Q2 Stadium–home to Austin’s first Major League Soccer team, the Austin FC,” said Jones. “The property provides much-needed workforce housing for the thousands of jobs surrounding this rapidly growing area.”

Silicon Hills comprises several of the city’s largest employers including Apple, eBay/PayPal, Visa, Oracle, Indeed, Facebook, IBM and Dell’s world headquarters, among others. The Domain is Austin’s premier retail and office destination, with more than 65 restaurants and bars, over 4 million square feet of office space and 6,000 employees, four hotels, two parks, and more than 180 stores and services including a 65,000-square-foot Whole Foods. As new construction continues to deliver in the phased development, The Domain will bring an estimated additional 7,000 jobs to the area.

“Austin’s tightening cap rates have made it increasingly challenging to attract financing that is accretive to returns. Our client’s conservative leverage requirement allowed for a competitive process. We ended up selecting the same lender that completed a previous transaction for the partnership, Bridge Investment Group. Their familiarity with the partnership’s requirements around a like-kind exchange made for a smooth process from beginning to end,” said Greer.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the

Press Contact: Lizzy Mahan t 303-260-4437 lizzy.mahan@nmrk.com