November 30, 2022 11:00 AM
Newmark announces the sale of Radius on Grove, a 156-unit multifamily asset located at 2301 Grove Boulevard in Austin, Texas, four miles from downtown. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Hilltop Residential, a national real estate investment company focused on acquiring and renovating underperforming multifamily properties, in the sale to the buyer, Square House Capital LLC. The property sold for an undisclosed price.
“Radius on Grove has a prime location, with outstanding fundamentals,” said Jones. “Over the past 12 months, Austin has continued to be one of the fastest growing metropolitan areas, making the multifamily asset a suitable entry-investment into the region for Square House Capital LLC, which specializes in acquiring and operating multifamily properties in high growth markets.”
“Radius on Grove is a premier asset with tremendous upside that fits our growth strategy to improve the quality of our investment portfolio and the communities we serve,” said Square House Capital LLC Founder Kindi Mann. “We were attracted to the community’s location within the Southeast Austin/Riverside submarket because of the area’s rapid growth and proximity to major employment and entertainment. This is our first investment in Austin, a city that continues to exhibit proven fundamentals—a strong job market, population growth and robust rent growth.”
Acquired by Hilltop Residential in 2018, Radius on Grove boasts contemporary renovations, resort-class amenities and condo-grade finishes. With a 98% occupancy rate at time of sale, the asset is located within minutes of major employers—Oracle headquarters, Tesla, Google and others—and is adjacent to outdoor recreation, the city’s major entertainment districts and numerous restaurants.
Ranked in the top five “Best City to Live in the U.S.” by U.S. World & News Report in April 2021, Austin has seen mass in-migration over the past five years with employment growth averaging an increase of 3.3 percent per year and thousands of jobs expected in the pipeline. Additionally, over the past 12 months in the Central Business District, submarket rental rates grew by 22.3 percent in the first quarter of 2022, according to Austin Investor Interests.
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 approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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