March 11, 2021, 10:00 AM
Newmark announces the sale of Flatiron | Domain, a 364-unit, luxury, mid-rise multifamily asset constructed in 2019. Located in North Austin within The Domain, a 300-acre mixed-use destination that has been dubbed “Austin’s Second Downtown,” the property sold for an undisclosed price and was 93 percent occupied at the time of sale.
Newmark Vice Chairman Patton Jones represented the seller, Stonelake Capital Partners, a real estate private equity firm with offices in Austin, Dallas, Houston and Atlanta. Stonelake acquires and develops industrial, multifamily and office properties and owns over $3.0 billion of commercial real estate in high growth markets within Texas and the Sunbelt region. Flatiron | Domain traded off-market to Sterling Equities, a New York-based real estate operating company.
“The Domain remains one of the most desirable submarkets in Austin, both for renters and investors,” said Patton. “Flatiron | Domain’s prime location at the prominent intersection of Braker Lane and Burnet Road provided a rare opportunity for an investor to acquire a coveted piece of real estate in a walkable, 24-hour lifestyle hub. Its exceptional construction, resort-class amenities and contemporary design will make Flatiron | Domain a mainstay in the market for years to come.”
Over the past decade, North Austin has positioned itself as a major hub for high-tech employment, earning the moniker “Silicon Hills.” At full build-out, The Domain will feature over four million square feet of office space. Companies such as Facebook, Amazon and Indeed all currently lease at The Domain. Additionally, IBM, NI, Apple, Samsung, Dell and 3M all have major campuses in the area – most notably Apple’s three million square foot expansion that will have the capacity to employ 15,000 people. Apart from all the entertainment available in The Domain proper, Austin’s first major league soccer stadium, Q2 Stadium, is set to open this year and will be walkable from Flatiron | Domain.
About Newmark
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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