August 17, 2022 10:00 AM
Newmark announces the sale of Barton Creek Villas, a 250-unit value-add townhome community in the heart of Austin, Texas’ Hill Country. The asset traded from The Connor Group to a Goldman Sachs Asset Management Real Estate managed investment vehicle. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction. Notably, this is the Newmark team’s third time selling this asset, after prior sales in 2012 and 2016.
Built in 1998, Barton Creek Villas is a unique, low-density, two-story townhome community featuring a mix of one-, two- and three-bedroom units with a large average unit size of 1,049 square feet. Community amenities include a pool with private cabanas and outdoor grilling station, a clubhouse with coffee bar and WiFi, a fitness center, a dog park with agility course, attached garages and on-site walking trails. The property was 99% occupied at the time of sale.
“Barton Creek Villas presented investors with an outstanding opportunity in the affluent and highly desirable Southwest Austin submarket,” said Jones. “Buyer interest was very strong as investors were intrigued by the high barriers to entry for new development as well as some of the best demographics in the city. Barton Creek Villas will be an excellent addition to Goldman Sachs’ real estate holdings in Austin.”
Situated in the hills of west Austin, Barton Creek Villas is in one of Austin’s most affluent gated neighborhoods, Barton Creek. It is located just six miles west of downtown, in a 4,000-acre green valley that winds along the Barton Creek Greenbelt and provides views of and access to the surrounding Texas Hill Country. Barton Creek offers upscale amenities, including a country club with four golf courses and top-rated public and private schools.
The Austin metro’s population rose to an estimated 2,295,303 people as of July 1, 2020, according to U.S. Census Bureau figures released May 2021. This is an increase of 3% from the previous year, the fastest population growth among metros with at least one million people. Since 2010, the metro has gained an estimated 579,014 residents - a 34% increase. Austin’s innovation-based economy and high-caliber talent pool, combined with a comparably low cost of living, business-friendly environment, established infrastructure, and stable local and state governments, continue to secure accolades lauding Austin’s appeal to both residents and businesses that position the region for enduring economic and population growth.
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 platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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