December 8, 2021 11:00 AM
Newmark announces it has completed the sale of Walnut Park, a 277-unit, luxury multifamily property located at 12101 North Lamar Boulevard in the ‘Silicon Hills’ neighborhood of Austin, Texas.
Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Larry Peel Company, an Austin-based multifamily developer, in the sale to buyer, Langdon Street Capital, a Los Angeles-based real estate investment firm. Langdon Street Capital’s Director of Acquisitions Matthew Steinberg represented the buyer side of the transaction. The property was 97.5% occupied at the time of sale.
“Larry Peel Company is known for building exceptional quality multifamily communities on fantastic sites,” said Jones. “Walnut Park–with its excellent location between The Domain and Parmer Austin, as well as the light value-add story–was a particularly attractive opportunity for both institutional and private buyers, alike. Langdon Street Capital was already familiar with this well-performing pocket of North Austin and was eager to add Walnut Park to their expanding Austin portfolio.”
“We have purchased 900 apartment units in two years and we continue to be extremely bullish on an already thriving Austin economy. We look forward to continuing to grow our portfolio in the months to come,” added Steinberg.
Built in 2016, Walnut Park is situated on 18.3 acres of land featuring dramatic bluffs overlooking the scenic Walnut Creek. The garden-style property features a mix of one- and two-bedroom units with an average unit size of 978 square feet. Community amenities include a two-tier pool with water feature and sundeck, a clubhouse with full kitchen and bar area, a 24-hour fitness center, an indoor spa and an event space with media area.
Walnut Park is located within ‘Silicon Hills’, northwest Austin’s robust tech corridor with several of the city’s largest employers including Amazon, Apple, Applied Materials, IBM, Indeed, Oracle and Samsung as well as Dell’s world headquarters. Walnut Park offers access to retail, dining, and entertainment options at the Shops at Tech Ridge, The Domain, The Arboretum, Chinatown Center and Gateway all within a 15-minute drive. The property is also proximate to several of north Austin’s best outdoor recreational and entertainment opportunities including Walnut Creek Metropolitan Park, Typhoon Texas Waterpark, Dell Diamond and Kalahari Resort.
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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