2:00 PM
Newmark announces the sale and financing of Regency Park–a 528-unit value-add multifamily asset in south Austin–and Travis at the Lake–a 312-unit, 2018-built luxury multifamily community in West Austin, Texas. Regency Park is located in south Austin with easy access to downtown and Travis at the Lake is located in west Austin, with views of Lake Travis. Combined, these transactions represent over $250 million in dispositions and financing.
Newmark Vice Chairman Patton Jones represented an undisclosed seller, a private investment group based in Naples, Florida, in the sale of Regency Park to Greystar, a global leader in rental housing investment, development and management that currently owns over 45 properties in the greater Austin area. In a 1031 exchange, Jones then represented seller, San Antonio-based Kairoi Residential, in the trade of Travis at the Lake to the undisclosed seller of Regency Park. Additionally, both dispositions were financed by Matt Greer, Executive Managing Director in Newmark’s Multifamily Capital Markets Debt and Structured Finance group in Austin.
Of the transactions, Jones said, “This was a unique situation that began as a discussion about refinancing and then led to a value-add sale and 1031 exchange acquisition of another property. We were pleased to have been able to meet the needs of three clients in one coordinated, seamless transaction.”
“The sales of Regency Park and Travis at the Lake represented over eight months of work from our respective teams during unprecedented times. We are thrilled with the results,” said Greer. “Greystar was able to enter the Austin value-add property class in a meaningful way with the purchase of Regency Park and Travis at the Lake provided the buyer the opportunity to trade into a best-in-class asset at historically low interest rates.”
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,800 professionals operate from approximately 500 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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