July 24, 2023 10:00 AM
Newmark announces it has completed the sale of Autumn Ranch on Swenson Farms, a 336-unit value-add multifamily asset located in Pflugerville, Texas, in Austin’s Silicon Hills. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, MIG Real Estate, in the transaction to the buyer, Knightvest Capital. Autumn Ranch was 94% occupied at the time of sale and represents Newmark’s third time selling the asset in twelve years.
“Autumn Ranch on Swenson Farms represented a fantastic opportunity to acquire a 15-year-old property with immense upside on the unit interiors and amenities,” said Jones. “Knightvest is very familiar with this pocket of North Austin and was eager to add Autumn Ranch to their expanding Central Texas portfolio.”
Built in 2008 and situated on 16.88 acres, Autumn Ranch units average 1,041 square feet with one- and two-bedroom floorplans. Community amenities include a pool, clubhouse, 24-hour fitness center and fenced dog park, as well as parcel package lockers, covered parking and controlled access gates. The asset offers upside potential for both interior and community amenities, with 133 units having recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops.
Located at 413 Swenson Farms Boulevard, Autumn Ranch provides residents with convenient access to major throughfares SH-130, IH-35 and SH-45. Surrounded by major employment within Silicon Hills, the property is proximate to Dell’s world headquarters, Amazon, Applied Materials and Apple’s existing campus, as well as developments for the 130-acre Apple campus and the six million-square-foot Samsung chipmaking plant. Additionally, the asset is less than five miles to the 425-acre EastVillage mixed-use development.
The Northeast Austin submarket boasts strong area demographics and outstanding market fundamentals, with an average household income of approximately $129K within a one-mile radius of Autumn Ranch, according to the U.S. Census Bureau in 2023, and increasing overall rental rates. In general, the Austin MSA remains one of the most sought-after multifamily markets in the U.S. due to the area’s exceptional population growth and expanding employment opportunities.
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 March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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