April 16, 2021 10:00 AM
Newmark announces the sale of 2818 Place and Parkway Place, two premier, garden-style student housing communities with a total of 350 units and 1,128 beds serving the prestigious Texas A&M University in College Station, Texas.
Newmark Vice Chairman and head of the Student Housing Group Ryan Lang and Associate Director Jack Brett represented the seller, Blue Vista, an investment management firm based out of Chicago. 2818 Place and Parkway Place traded to Mountain Capital Partners, a Los Angeles-based real estate investment and development firm and Homestead Companies, a full-service development company located in Columbus. Newmark Transaction Manager Ben Harkrider provided crucial support to assist on the transaction.
“Major capital groups continue to focus on quality student assets given the sector has outperformed market expectations throughout the pandemic,” said Ryan. “2818 Place and Parkway Place are uniquely positioned within one of the largest college towns in the country. Both assets offer upside potential with meaningful growth tailwinds.”
Developed in 2008 and 2009, respectively, 2818 Place and Parkway Place offer strong amenity packages, highlighted by two large, resort-style pools with hot tubs and cabanas, a sand volleyball court and the only covered outdoor basketball area in College Station. Moreover, the expansive clubhouses contain two 24-hour, state-of-the-art fitness centers, game rooms, a 24-hour computer lab featuring both Mac and PC computers and numerous study rooms, allowing tenants to accomplish all of their academic needs from home. Texas A&M is the largest university in the country with over 71,109 students enrolled as of Fall 2020 and is projected to grow by two percent over the course the next four years.
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.
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.