December 10, 2020 12:00 PM
Newmark announces the sales of Carrington Park, Elan Apartment Homes and Parmer Place, an 826-unit, value-add multifamily portfolio in Morrisville, NC and Austin, TX. All properties sold for an undisclosed price.
Newmark Vice Chairmen Sean Wood, based in Raleigh, and Patton Jones, based in Austin, represented the seller of all three properties, New York-based Gamma Real Estate, a boutique commercial real estate firm. All three assets traded to Bluerock, a New York-based leading institutional alternative asset manager.
“The Raleigh-Durham market and Austin are very similar due to their robust tech employment stories, along with a decade of population growth,” said Jones. “With our combined knowledge of these high-powered markets, we were able to meet all of the client’s needs and find the right buyer for each asset.”
In its 2020 rankings, CompTIA ranked Austin and Raleigh first and third respectively on its “Tech Town Index Rankings.” Durham-Chapel Hill also made the list at #13.
“Gamma Real Estate trusted our Newmark team to execute a sale and find a quality buyer to purchase this portfolio in two of the country’s strongest markets,” said Wood. “We are pleased with the result and believe Gamma was able to capitalize on the great demand for Raleigh-Durham and Austin, while all three of these assets have a strong growth and value story moving forward.”
Carrington Park is a 2008-built, 266-unit multifamily community in Morrisville, NC, part of the Raleigh-Durham MSA.
Both located in popular north Austin, Elan Apartment Homes was constructed in 2007 with 270 units, while Parmer Place was built in 2008 and includes 290 units. At the time of sale, both properties were 95 percent occupied.
“These properties presented a significant value-add opportunity – a particularly competitive space in the Austin multifamily market,” said Jones. “With the continued growth of “Silicon Hills” – North Austin’s apt nickname due to the density of high-tech employers flocking to the area – residents are looking for luxury living options nearer to their place of employment. Renovating Elan Apartment Homes and Parmer Place to compete with newer products is the kind of opportunity private investors are hungry for.”
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc., 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 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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