Newmark announces sale and financing of value-add multifamily asset in Austin

Newmark announces it has completed the sale and financing of Villas Tech Ridge, a 350-unit value-add multifamily asset in Pflugerville, Texas, within North Austin’s growing Silicon Hills neighborhood and tech corridor. The property was 93% occupied at the time of sale and traded for an undisclosed price.

Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, an institutional client of New York Life Real Estate Investors. The buyer was Pegasus Real Estate, a private commercial real estate investment firm. Vice Chairman Colin Cross of Newmark’s Debt, Equity and Structured Finance team helped secure the acquisition financing on behalf of the buyer.

Villas Tech Ridge offers new ownership the opportunity to increase value-add potential via unit interior and amenity upgrades. Built in 2009, the garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 976 square feet. Unit interiors offer fully-equipped kitchens, oversized walk-in closets and full-size washer and dryer sets. Community amenities include a pool with loungers and cabanas, a resident clubhouse, a state-of-the-art fitness center, controlled access gates and a fenced dog run.

Located at 13838 The Lakes Boulevard, Villas Tech Ridge is surrounded by major employment, entertainment and recreation. The property is just down the street from Parmer Austin, a 300-acre technology and research park with tenants including General Motors Co., Meta, 3M and Apple, and just over three miles from The Domain, home to employers such as Amazon, Indeed and Vrbo, as well as Austin FC’s new Q2 stadium. The property offers convenient access to major thoroughfares IH-30, MoPac and HWY 183.

According to Newmark research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since the third quarter of 2021 and well above the long-term average. New supply will also significantly increase, with nearly 550,000 units expected to be delivered in 2023 and an all-time high of nearly 588,000 in 2024.

SPI adds 244-unit, Class-A property to Austin portfolio

SPI Advisory (SPI) recently finalized the acquisition of Parkview Terraces (formerly known as “Cortland Southpark Terraces”), a newly-renovated 244-unit, Class-A institutional-quality apartment community built in 2009 less than five miles from Austin’s bustling South Congress entertainment district along the rapidly growing IH-35 Corridor that connects Austin and San Antonio. Parkview Terraces represents SPI’s eighth property under management in the Austin metropolitan area, totaling nearly 2,500 units.

Conveniently located 15 minutes away from Downtown Austin, just off of IH-35 near the popular Southpark Meadows shopping center, Parkview Terraces offers its tenants spacious floorplans with contemporary design, resort-class amenities, and proximity to Austin’s major employment, retail & entertainment centers for an affordable price point. The area within a one-mile radius of the property has experienced a population growth of 91% from 2010 to 2022, and the average household income is $104,000. (U.S. Census Bureau, April 2023).

Colliers welcomes new senior vice president to its Austin office

Colliers announced the new hire of Senior Vice President Patrick Hill as an occupier services and capital markets broker. Patrick will focus primarily on tenant and buyer/seller representation in Central Texas in the office sector.

His experience encompasses complex and high-value leases and buyer and seller representation, totaling over $100 million in relocations, expansions, dispositions, purchases of all sizes, and everything in between. Patrick is recognized by his clients as a creative and knowledgeable broker, providing a wide scope of knowledge-backed guidance compiled from the transactions he is part of, including the complexity of Austin zoning, permitting, and current lease/sale comparables.

Before joining Colliers, Patrick helped found the TCU Real Estate Club in 2008, which is still in operation and has become a booming club for the school’s students; the club is a resource for education, experience, and career opportunities for its members. Patrick sits on several non-profit boards and volunteers regularly at Hope Food Pantry.

StreetLights Residential opens The Asher in Austin

StreetLights Residential, anational design-driven developer of multifamily and mixed-use communities based in Dallas, has opened The Asher in Austin, part of the Presidio luxury multifamily development. Located in the rapidly growing Lakeline neighborhood in NW Austin, The Asher consists of 377 luxury apartment homes. StreetLights saw strong demand for the project’s first phases, with The Elizabeth opening in 2019 and The Michael opening in 2016. 

Residents have multiple floorplans to choose from, ranging in size from 676 to 1,763 square feet, with one-, two-, and three-bedroom options available. Each home features beautifully designed interiors with granite countertops, tile backsplashes, custom flooring, dine-in island seating, urban mudrooms, custom cabinetry including a pull-out trash drawer, spa inspired bathrooms, oversized walk-in closets and Sonos smart speakers. Select units also offer smart home features, a surface flooring option, oversized outdoor living spaces and screened porches.  

The Asher offers numerous amenities for residents looking to spend time outdoors, including an expansive pool courtyard with entertaining space and a private yoga lawn. The interior common spaces create an inviting, comfortable environment for residents to gather, including a lounge area with flexible co-working spaces, a creative makers craft space, a kitchen and lounge area with space for personal projects or cooking classes, and two private dining areas for intimate dinner parties or coworking. Residents also have access to a private coffee bar, a full fitness center featuring high-end cardio and strength equipment, a flex room with spin bikes, fitness echelon mirror and ballet barre, a fully equipped pet wash and spa, and secure interior bike storage.  

StreetLights Creative Studio served as the architect of record for the project, handling all interior design in-house. SLR Construction, LLC, served as the GC.  

StreetLights has completed six Austin projects to date, include The Bowen, a 340-unit, luxury high-rise community located in The Domain; two NW Austin communities, The Elizabeth at Presidio, a 373-unit luxury apartment community, completed in 2019 and The Michael at Presidio, a 415-unit apartment and townhome community, completed in September 2016; Flatiron Domain, a five-story luxury residential community completed in December 2019; The Catherine, a 19-story, 300-unit luxury high-rise located in Downtown Austin, completed in October 2015; and The Kenzie at The Domain, a six-story residential community comprised of 279 units, completed in August 2014.

Newmark facilitates sale of 336-unit value-add multifamily community in Austin’s Silicon Hills

Newmark has completed the sale of Autumn Ranch on Swenson Farms, a 336-unit value-add multifamily asset located in Pflugerville, Texas, in Austin’s Silicon Hills. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, MIG Real Estate, in the transaction to the buyer, Knightvest Capital. Autumn Ranch was 94% occupied at the time of sale and represents Newmark’s third time selling the asset in 12 years.

Built in 2008 and situated on 16.88 acres, Autumn Ranch units average 1,041 square feet with one- and two-bedroom floorplans. Community amenities include a pool, clubhouse, 24-hour fitness center and fenced dog park, as well as parcel package lockers, covered parking and controlled access gates. The asset offers upside potential for both interior and community amenities, with 133 units having recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops.

Located at 413 Swenson Farms Boulevard, Autumn Ranch provides residents with convenient access to major throughfares SH-130, IH-35 and SH-45. Surrounded by major employment within Silicon Hills, the property is proximate to Dell’s world headquarters, Amazon, Applied Materials and Apple’s existing campus, as well as developments for the 130-acre Apple campus and the six million-square-foot Samsung chipmaking plant. Additionally, the asset is less than five miles to the 425-acre EastVillage mixed-use development.

The Northeast Austin submarket boasts strong area demographics and outstanding market fundamentals, with an average household income of approximately $129K within a one-mile radius of Autumn Ranch, according to the U.S. Census Bureau in 2023, and increasing overall rental rates. In general, the Austin MSA remains one of the most sought-after multifamily markets in the U.S. due to the area’s exceptional population growth and expanding employment opportunities.

Hines secures IBM to anchor new office tower in Austin

CBRE has arranged a significant pre-lease with IBM to anchor a new 507,200-square-foot next-generation office development planned by Hines on the north end of The Domain, known as Austin’s “second downtown.” IBM plans to relocate and consolidate its two current office locations near The Domain at the highly amenitized building, slated for occupancy by 2027.

CBRE’s Bo Beacham and John Barksdale represented the developer, Hines, in the transaction.

Hines’ new Class AA development within The Domain will comprise of two 14-story interconnected towers with exclusive lobbies for each tower and exterior aesthetics that will set a new bar in the Dominion submarket. Catering to the needs of the modern workforce, tenants will experience multiple amenity decks on the ninth floor, private balconies on each floor, outdoor sports amenities, and a high-end fitness and conference center. Additionally, the property will place a heavy emphasis on ESG, and is being designed for LEED Gold certification and will seek WELL Platinum, WiredScore Platinum, and Austin Energy Green Build distinctions. Construction is anticipated to begin in late 2023.