March 14, 2023 12:00 PM
Newmark announces the sale of Henley Riverside, a 368-unit trophy multifamily property located at 6107 East Riverside Drive in Austin, Texas. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, an affiliate of Treeline Real Estate Partners, in the transaction to an undisclosed buyer. Henley Riverside was 92% occupied at the time of sale and marked Newmark’s second time selling this asset, formerly named Aura Riverside.
“Investors were intrigued by Henley Riverside’s location in southeast Austin, surrounded by some of our city’s most exciting growth projects,” said Jones. “East Austin is expanding with projects including Oracle’s headquarters, River Park, Springdale Green and the new Tesla gigafactory. The property will be an outstanding addition to the buyer’s rapidly growing Austin portfolio.”
Henley Riverside—a mid-rise, four-story community—features amenities including a resort-style pool, an outdoor kitchen area, gaming lawns and a state-of-the-art athletic center. Henley Riverside’s units offer open-concept one-, two- and three-bedroom floorplans; select units include private patios and balconies with views of downtown Austin.
Located along the booming East Riverside corridor, Henley Riverside is within minutes of downtown Austin, Lady Bird Lake and Austin-Bergstrom International Airport. Positioned strategically in Austin’s Southeast Central submarket, the asset offers luxury living at far lower rental costs than Class A assets in the Central Business District. The property is accessible to nearly 137,525 jobs within a five-mile radius, with top employers including Oracle, Google, Facebook and Silicon labs.
According to Newmark Research, Texas has been named the fastest-growing state in the U.S., according to data provided by the U.S. Census Bureau. Additionally, a new report from the University of North Carolina’s Kenan Institute of Private Enterprise ranks Austin as the second fastest-growing city in the U.S. based on GDP.
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.
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