Newmark Facilitates Sale of 200-Unit Value-Add Multifamily Property in Southwest Austin

August 20, 2025 1:00 PM

Newmark announces the Company has arranged the sale of Nichols Park Apartment Homes, a 200-unit value-add multifamily property located at 5001 Convict Hill Road in southwest Austin, Texas. Newmark Multifamily Capital Markets Senior Managing Director Jim Young, Vice Chairman Patton Jones, Managing Director Andrew Dickson and Executive Managing Director Matt Michelson represented the seller, Austin-based Thrive FP, in the sale to an undisclosed buyer.

“Nichols Park experienced unprecedented investor interest, with over 40 offers,” said Young. “This response was indicative of capital’s appetite for well-located multifamily properties in high-barrier-to-entry submarkets. With a proven value-add program, coveted location and unique walkability to Austin’s Violet Crown Trail, Whole Foods, Costco and more, Nichols Park had all the ingredients to appeal to the broader market.”

Nichols Park is a 1985 vintage garden-style community featuring a mix of one- and two-bedroom floorplans, with an average unit size of 670 square feet. Unit interiors offer plush carpeting, laminate countertops, generous storage and a well-rounded amenity package.

Situated in a dense, high-income corridor of Southwest Austin, the property is just minutes from Arbor Trails shopping center, Dick Nichols District Park and the Violet Crown Trail, offering residents seamless access to recreation, retail and dining. The property offers strong connectivity to Austin’s major employers, including NXP Semiconductors, SHI International, AMD, SolarWinds, Yeti Coolers and Arm Inc.

According to Newmark Research, supply in Austin is expected to decline sharply in 2026, with ~18,000 units under construction, roughly 65% below the 1Q23 peak, positioning the market for strong rent growth in 2027 to 2029.

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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