Tag: Newmark

Newmark completes sale and financing of 336-unit multifamily asset in Round Rock

Posted on by Mia Goulart

Newmark has completed the sale and financing of The Warner, a 336-unit core multifamily asset located in Round Rock, Texas. The property was 95% occupied at the time of sale and traded from the developer, an affiliate of real estate development and investment firm Stanmore Partners, to Harbor Group International, a global real estate investment manager.

Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction. Executive Managing Directors Henry Stimler, Bill Weber and Matt Mense, Senior Managing Director Ari Schwartzbard and Director Daniel Sarsfield of Newmark’s Debt, Equity and Structured Finance team helped arrange the financing on behalf of the buyer.

Built in 2022, The Warner features fully air-conditioned corridors and elevator access to all units. Community amenities include a resort-style pool, gaming and fitness lawns, an expansive clubhouse, private co-working spaces and a 24-hour athletic club. Apartment homes average 901 square feet and feature one-, two- and three-bedroom floorplans.

Located at 2670 S. AW Grimes Boulevard, The Warner boasts a prime location along the Texas Innovation Corridor anchored by Austin’s Silicon Hills and San Antonio’s biotech industry, which has experienced major population and economic growth over the past decade. Additionally, The Warner is proximate to a strong future medical presence, with 730,000 square feet of medical space underway just 15 minutes from the property. Residents further benefit from city-wide connectivity via IH-35, SH-45 and SH-130.

According to Newmark Research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since Q3 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.

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

Posted on by Mia Goulart

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.

Newmark hires Chris McColpin and Andrew Porteous

Posted on by Mia Goulart
  • Chris McColpin
  • Andrew Porteous

Newmark announced that Chris McColpin and Andrew Porteous have joined the firm as senior managing directors, specializing in debt, equity and structured finance services within the firm’s Capital Markets practice. Based in Austin and Dallas, respectively, McColpin and Porteous will join Josh Francis to lead the commercial debt efforts in Texas while working closely with Newmark’s industrial, office and multifamily capital markets professionals. They will report to Ran Holman, executive vice president and Texas market leader.

Prior to joining Newmark, McColpin served as a managing director of JLL Capital Markets, Americas, in Austin, where he facilitated debt and equity transactions across an array of property types. He previously served as a vice president at Lone Star Funds’ credit affiliate, LStar Capital, and spent time at Morgan Stanley and Goldman Sachs working on loan origination teams.

Porteous joins Newmark from Morgan Stanley, where he served as the head of the Texas office within the commercial real estate group, originating over $4.8 billion of CMBS and balance sheet loans across all primary commercial real estate product types. Prior, he was a vice president at Deutsche Bank Commercial Real Estate Group, JLL Capital Markets and PBL Capital.

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

Posted on by Mia Goulart

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.

Newmark hires office agency leasing expert in Houston

Posted on by Mia Goulart

Newmark announces the addition of perennial market leader and top producer in Houston office agency leasing, David Baker. Joining as an executive managing director, Baker specializes in office landlord representation, expanding Newmark’s integrated client offerings in Houston to include agency leasing alongside existing property management and capital markets expertise.

Throughout his three-decade-long career, Baker has been recognized as a top national and local producer and has been recognized as a Houston Business Journal (HBJ) Heavy Hitter almost annually for the past 15 years. Additionally, Baker has won Houston Office Leasing Brokers Association Deal of the Year awards several times. Through all manner of market cycles, Baker has represented over 50 million square feet of leasing in over 200 buildings in every major Houston submarket, including completing over 65 headquarters leases. Baker is credited with hiring and training many of the top office agency leasing professionals in Houston and is an expert at curating project teams to maximize the leasing performance of an asset.

During the pandemic in 2020, Baker led teams that produced three of the year’s largest new lease transactions in Houston. In 2022, Baker executed over 40 leases, totaling more than one million square feet, including Houston’s largest new lease—Apache Corp.’s 327,000-square-foot headquarters—and almost 100,000 square feet of new leasing in Houston Center. Baker has over 425,000 square feet of new leasing in the pipeline for the first half of 2023.