May 17, 2022 12:00 PM
Newmark announces it has completed the sale of Modera Domain, a recently delivered, 354-unit trophy multifamily property located adjacent to The Domain, a premier retail and entertainment district in Austin, Texas. The asset traded from a joint venture between Mill Creek Residential and PGIM to Clarion Partners. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction.
Completed in 2022, Modera Domain is a luxury multifamily community featuring a mix of studio, one- and two-bedroom units with an average unit size of 846 square feet. Unit interiors feature open-concept floor plans with spacious bedrooms, spa-inspired bathrooms and luxury finishes. Community amenities include a resort-style pool and courtyard, outdoor kitchen with gas grills and dining space, modern clubroom, first-floor lounge, conference room and work-from-home spaces, state-of-the-art fitness center, on-site dog park and pet spa and connected multi-level parking garage.
The property is conveniently located at the entrance to The Domain, Austin’s premier retail and entertainment district with over 4 million square feet of office and 1.85 million square feet of retail space. The area is home to major office tenants including Amazon, Facebook, Indeed and Vrbo.
The property is within walking distance to the Kramer Station MetroRail stop and the new Q2 Stadium, home of Austin’s only professional sports team, the Austin FC. It is only eight miles or approximately 20 minutes from downtown Austin.
“The Domain remains one of the most desirable submarkets in Austin, both for renters and investors,” said Jones. “Modera Domain’s immediate proximity to surrounding activity in the Domain South End, Uptown ATX and Q2 Stadium presented a rare opportunity for an investor to acquire a coveted piece of real estate in Austin’s second downtown. Its exceptional construction, resort-class amenities, and contemporary design will make Modera Domain a mainstay in the market for years to come.”
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. Accordingly, these core attributes also provide a sound foundation for Austin to not only sustain but also improve upon its position as the top investment market in the U.S.
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 $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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