May 26, 2021 11:00 AM
Newmark announces the sale of Villas at Spring Trails, a 270-unit multifamily asset. Constructed in 2013 and located in Pflugerville, Texas, a growing suburb of northeast Austin, the property sold for an undisclosed price and was 96 percent occupied at the time of sale.
Newmark Vice Chairman Patton Jones represented the seller, KC Venture Group, a Kansas-based multifamily real estate investment firm. Villas at Spring Trails traded to Knightvest Capital, a Dallas-based private equity investment firm that specializes in repositioning multifamily assets. This transaction represents Knightvest Capital’s fifth acquisition in Austin.
“Villas at Spring Trails offered a fantastic opportunity to acquire a highly-amenitized product with luxury finishes in one of the fastest growing areas in Austin,” said Jones. “This will be a great long-term addition to Knightvest Capital’s expanding Austin portfolio.”
With ample development space available, Pflugerville has attracted largescale projects, including Amazon’s Project Charm. The online retailer is under construction on a new 3.8 million square foot distribution facility that will create over 1,000 new jobs and be the largest facility of its kind in the region once complete. Additionally, Elon Musk’s The Boring Company moved into a facility in Pflugerville off SH-130, just north of the Tesla CEO’s future $1 billion electric car manufacturing plant.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), 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, we bring 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 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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