Newmark Completes Sale and Financing of 362-Unit Trophy Multifamily Property Minutes from Downtown Austin

September 10, 2025 1:00 PM

Newmark announces the Company has arranged the sale and financing of Veranda, a 362-unit trophy multifamily property located at 7205 E Ben White Boulevard, just minutes from downtown Austin, Texas. Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Wayfinder Real Estate. Vice Chairman Adam Randall and Managing Director John Westby-Gibson secured the debt financing on behalf of the buyers, Missio Capital and Bow River Capital.

“Investors were intrigued by Veranda’s extremely high-quality product and location relative to the CBD, East Austin and Tesla’s Austin headquarters,” said Jones. “The community benefits from phenomenal drive-by visibility and easy access to some of Austin’s biggest economic development nodes. This will be an excellent addition to Missio and Bow River’s respective growing Texas portfolios.”

Completed in 2024, Veranda is a garden-style multifamily community offering a mix of one-, two- and three-bedroom apartments and townhomes, with an average unit size of 802 square feet. Amenities include a pool, covered outdoor space with grilling and seating areas, a game room and a state-of-the-art fitness center.

“This acquisition reflects our conviction in buying recently completed, institutional-quality assets at significant discounts to replacement costs,” said Nelson Crowe, Missio Capital’s Managing Partner. “We are grateful for our continued relationship with the Newmark and Wayfinder teams in providing a successful transaction.”

Veranda is located near Austin’s East Riverside Corridor, less than four miles from downtown and close to major employers including Oracle, Tesla, Google, Meta and the University of Texas. The property offers frontage along Highway 71 between I-35 and Highway 183, and is also near the Austin-Bergstrom International Airport.

“We’re incredibly pleased with this financing, which is a testament to the expanding relationship between Bow River and Newmark,” said Randall. “Bow River and Newmark’s teamwork allowed us to capitalize on favorable market conditions and secure an excellent rate.”

According to Newmark Research, multifamily supply in Austin is projected to decline significantly by 2026, with roughly 18,000 units under construction, approximately 65% below the peak seen in Q1 2023. The market reported several positive developments in Q2 2025, including improved occupancy, reduced excess supply and strong year-to-date absorption of over 12,000 units, suggesting that market stability has been established and that a broader recovery is underway.

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 twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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