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Newmark Sells Luxury Mid-Rise Community in Tech H…
Newmark Sells Luxury Mid-Rise Community in Tech Hub of North Austin
June 9th, 2021 10:00am
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Multifamily Capital Markets
Newmark announces the sale of The Elizabeth, a 373-unit mid-rise multifamily asset in north Austin. The asset is located in the area of the city known as "Silicon Hills" due to its large concentration of tech employment. Constructed in 2020, the property sold for an undisclosed price and was in the latter stage of its initial lease-up.
Newmark Vice Chairman Patton Jones represented the seller, StreetLights Residential, a Dallas-based leader in multifamily development. The Elizabeth traded to AMLI Residential, a national multifamily developer and management company.
"StreetLights Residential takes a design-centric approach to apartment homes, which feature crafted finishes and unmatched amenity spaces. The Elizabeth, with its excellent north Austin location, was a particularly attractive opportunity for institutional and private buyers alike," said Jones. "Located within walking distance to the site of the future Texas Children's Hospital and the Lakeline MetroRail Station, The Elizabeth is an outstanding addition to AMLI Residential's growing Austin portfolio."
The Elizabeth is surrounded by high-quality retail, major tech employment and two future children's hospitals. The future $1 billion Apple campus is within four miles of the property, along with the 7700 Parmer office redevelopment, home to Google, Paypal, eBay, Deloitte, Electronic Arts and Polycom. Additionally, Texas Children's Hospital and Dell Children's Hospital are both constructing brand new healthcare campuses, both within one mile of The Elizabeth.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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