September 28, 2021 9:00 AM
Newmark announces the sale of Northstar Apartments, a 200-unit, value-add multifamily property located at 12001 Metric Boulevard in Austin, Texas. The property’s rare infill location is on the doorstep of The Domain, Austin’s “second downtown” and is minutes from Apple’s $1 billion campus currently under construction.
Newmark Senior Managing Director Jim Young represented the seller, Houston-based privately held real estate investment firm Nitya Capital, in the sale to buyer, Langdon Street Capital, a value-add acquisition and development real estate company based in Beverly Hills, California. The property sold for an undisclosed price.
“This is our third multifamily acquisition in the past 12 months and we’re closing in on 600 units. We’ve already invested close to $100 million in Austin and we plan on continuing to build our portfolio in a market that we believe has exponential growth,” said Matt Steinberg, Director of Acquisitions of Langdon Street Capital.
Built in 1986, the property features ample community lifestyle amenities including a pool with sundeck, covered pergola with a grill, outdoor fire pit, 24-hour fitness studio, modern clubhouse with kitchen and lounge, and dog park. Unit finishes and amenities include granite countertops, glass backsplashes, stainless steel or black appliance packages, built-in bookshelves, fireplaces, oversized patios/balconies and storage. Northstar Apartments is located minutes from major tech employers such as Apple, Dell, IBM, Microsoft, Facebook, Amazon and VRBO.
“The property’s location proximate to Austin’s tech employment cluster made it attractive to investors and will continue to position the asset as a competitive residential option for the always-growing Austin workforce,” said Young.
According to Newmark’s 2Q21 U.S. Multifamily Capital Markets report, over the past 12 months, Austin experienced an influx of year-over-year sales volume which exceeded 45% annualized growth. At the end of the second quarter, Austin had recorded $5.7 billion in sales volume over the course of the previous 12 months.
About Nitya Capital
Nitya Capital, based in Houston, Texas, is a privately held real estate investment firm that owns and manages approximately $2 billion in real estate assets across the U.S. Nitya is focused on the acquisition and management of multifamily, new development, and commercial office and retail assets. Since its inception, Nitya has acquired 20,000+ multifamily units and 1,842 beds (627 units) of Class A student housing, 1 million square feet of commercial office, hundreds of single-family homes, and 300,000 square feet of retail/mixed-use.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.