February 21, 2023 10:00 AM
Newmark announces the sale of Alexan Springdale, a 251-unit trophy multifamily asset in an urban infill location in East Austin, Texas. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Trammell Crow Residential, in the transaction to buyer Sterling Equities for an undisclosed price. In 2019, prior to the construction of Alexan Springdale, Senior Managing Director Andrew Childers represented the sale of the six-acre parcel on which the community was built.
“Alexan Springdale represented a fantastic opportunity to acquire a highly amenitized product with luxury finishes in East Austin, one of the fastest-growing areas in Austin,” said Jones. “The community is proximate to downtown, several mixed-use and lifestyle hubs, and some of the area’s largest employers, including Tesla’s brand new gigafactory approximately six miles away. Alexan Springdale sits in the middle of a developing live/work/play environment and will be a great long-term addition to Sterling’s expanding Austin portfolio.”
Located at 5521 Springdale Road, Alexan Springdale features open-concept studios and one- and two-bedroom floorplans averaging 824 square feet. Built in 2022, the asset features resort-style amenities, including a pool with private cabanas and loungers, an outdoor courtyard with grill stations and dining areas, a state-of-the-art fitness center, a game room, a clubroom, a pet spa and bike storage and repair station. The asset was 94% occupied at the time of sale.
Alexan Springdale is proximate to 162,877 jobs within a five-mile radius, with major employers including Dell Children’s Medical Center, Austin Energy, Facebook, Google, Amazon and Tesla. The property is within minutes of downtown Austin’s popular retail and entertainment districts, including Mueller Mixed-Use Community and Highland ATX.
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 $2.7 billion for the year ending December 31, 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.
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.
- Press Releases >
- Newmark Arranges Sale of New 251-Unit Multifamily…
Newmark Arranges Sale of New 251-Unit Multifamily Property in East Austin, Texas
Thank you for sharing your information with Newmark!