Newmark announces the sale of The Aspect by Cortland, a 308-unit luxury multifamily asset. The Aspect by Cortland is located in the burgeoning East Riverside district of Austin with easy access to downtown. The property sold for an undisclosed price.
Newmark Vice Chairman Patton Jones represented the seller, Atlanta-based Cortland, one of the largest multifamily investment and management firms in the country. The Aspect by Cortland traded to CAF Capital Partners, a Dallas-based private equity real estate firm focused on institutional-quality multifamily assets.
“The Aspect by Cortland is surrounded by the fast-growing East Riverside district, anchored by the massive Oracle lakefront campus and close to downtown Austin,” said Jones. “Additionally, Tesla recently announced they will be constructing a $1.1 billion Gigafactory, located just six miles from the property. The proximity to major employment, entertainment, recreation and Bergstrom Airport is attractive to investors and tenants alike.”
Downtown and East Austin have grown exponentially over the past decade with companies such as Google, Facebook, Oracle and Indeed all officing throughout the districts. According to Newmark Research, Austin ranked in the top ten in terms of rent and inventory growth, as well as first in employment and population growth in the United States over the past ten years
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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