Newmark Closes Sale of 292-Unit Luxury Multifamily Asset in Austin, Texas

December 13, 2023 10:00 AM

Newmark announces it has facilitated the sale of Water Oak, a 292-unit luxury multifamily asset located 10 miles from downtown Austin, Texas. The property, situated at 12234 Heatherly Drive, traded from Austin-based JCI Residential to Chicago-based Sherman Residential for an undisclosed amount. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction.

“Buyers were highly attracted to Water Oak’s location in South Austin along the rapidly growing I-35 corridor,” said Jones. “With the cost of single-family ownership remaining high, long-term investors liked the ‘luxury on a budget’ experience that Water Oak offers residents. The asset will be an excellent addition to Sherman Residential’s expanding Texas portfolio.”

Water Oak residents enjoy unparalleled access to central Austin’s amenities at more affordable rental rates than the CBD and South Central Austin submarkets. Strategically located, the asset is proximate to major employment, retail and entertainment destinations, with Southpark Meadows, South Congress and South First district just minutes away.

Built in 2022, Water Oak offers studio, one-, two- and three-bedroom floorplans, as well as an array of indoor and outdoor amenities. The community boasts a resort-class pool with loungers, gas grilling stations, covered lounge areas, a dedicated dog park and a pet spa. Indoors, Water Oak features an expansive clubhouse with gathering spaces, a party-ready kitchen, an HD movie theater, a private business center with conference rooms and a 24/7 fitness center.

The Texas Innovation Corridor along I-35, anchored by Austin’s Silicon Hills and San Antonio’s biotech industry, has experienced significant population growth, job creation and overall economic expansion in the past decade. According to the U.S. Census Bureau, two counties within the corridor, Hays and Comal, have ranked among the top 10 counties nationally in percentage growth from 2010 to 2020. Furthermore, the corridor is projected to have an estimated population of six to seven million residents by 2030.

About Newmark
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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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