June 15, 2021 9:00 AM
Newmark announces the sale of Elan Parkside, a 309-unit mid-rise multifamily asset. The community is located within the 81-acre mixed-use redevelopment known as Highland ATX, anchored by the new 1.3 million-square-foot Austin Community College (ACC) Highland campus, as well as residential, office, retail and green spaces. Constructed in 2018, the property sold off-market for an undisclosed price and was 97 percent occupied at the time of sale.
Newmark Vice Chairman Patton Jones represented the seller, Greystar, a global leader in owning, operating and developing multifamily real estate. Elan Parkside traded to SPI Advisory, a Dallas-based multifamily investment firm for an undisclosed price.
“Luxury mid-rise communities like Elan Parkside that are located in rapidly growing urban mixed-use environments are highly attractive commodities in the Austin market right now,” said Jones. “We received a strong preemptive offer, bypassing the marketing process and further reinforcing strong investor interest in Austin.”
Highland ATX is one of the city’s most exciting developments, featuring 800,000 square feet of office space, 150,000 square feet of retail and restaurant space, 1,200 residences, three new parks and the 1.3 million square foot ACC Highland campus. Additionally, the development sits along the Capital MetroRail commuter rail line, offering easy transportation to north Austin and downtown, a particularly attractive amenity for Elan Parkside residents.
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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