November 11. 2021 10:30 AM
Newmark announces it has completed the sale of West Lake Vistas, a 334-unit, value-add multifamily property located at 7201 Ranch Road 2222 in Austin, Texas for an undisclosed price. The property traded from The Connor Group, a national multifamily investment firm, to Hines, a privately owned global real estate investment, development, and management firm. The property was 96% occupied at the time of sale.
Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction. Jones and Dickson were also involved in the prior sale of West Lake Vistas in 2016. Executive Managing Directors Henry Stimler and Bill Weber and Senior Managing Director Ari Schwartzbard are facilitating the financing on behalf of the buyer.
“West Lake Vistas presented investors with a value-add opportunity in the affluent and highly desirable West Austin submarket,” said Jones. “As the cost of single-family housing continues to skyrocket in the Austin MSA, more renters are seeking highly amenitized, luxury apartment communities, particularly in the Westlake area. Investors were attracted to West Lake Vistas’ incredible hilltop prominence spanning nearly 40 acres.”
Built in 2009, the property features a mix of one-, two-, and three-bedroom units with an average unit size of 1,032 square feet. Property amenities include three pools with lounge seating, a 5th-floor open-air gathering area, two clubhouses with culinary presentation kitchens, business center, billiards, and media rooms. Residents also enjoy access to the community’s 24-hour fitness center. As a pet-friendly community, West Lake Vistas offers a dog park, agility course and dog trails.
Located less than seven miles northwest of downtown, West Lake Vistas is situated in the heart of Austin Hill Country, providing residents with views and proximity to outdoor recreational opportunities. The community is within minutes of Austin’s premier golf courses and resorts including Austin Country Club, River Place Country Club, Great Hills Country Club, The University of Texas Golf Club, Omni Barton Creek Resort, Hotel Granduca and Balcones Country Club. Nearby Lake Travis offers multiple marinas providing boat access. There are several parks in the area including Bull Creek District Park and Greenbelt, Barton Creek Greenbelt, Emma Long Metropolitan Park, Wild Basin Wilderness Preserve, and Zilker Park.
According to the U.S. Census Bureau, Austin experienced in-migration of roughly 67,200 people between July 2019 and July 2020 – the fastest growth of any metro with at least one million residents, fueled largely by the city’s expanding employment opportunities. The influx of new residents has led to rising multifamily demand and, accordingly, rental rates. An analysis of RealPage Inc. data by The Business Journals ranked the Austin-Round Rock MSA the 17th fastest-rising U.S. rental market, based on rent growth of 14.8% between 1Q20 and 3Q21.
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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