AUSTIN – (Realty News Report) – Newmark Knight Frank completed the sale of three multifamily communities (905 units) in South Austin. NKF vice chairman Patton Jones of the firm’s Multifamily Capital Markets group negotiated the trades.
“The south Austin submarket is considered one of the strongest suburban submarkets due to multiple transportation arteries including IH-35, South Congress, South Lamar, and South First,” Jones said. “Renters not only benefit from being close to Austin’s central business district but also nearby Buda, Kyle, San Marcos and San Antonio.”
Farmhouse: Ardent Residential of Austin sold the 235-unit Farmhouse to Canada-based Ergas Residential Group. “Farmhouse filled a need in south Austin for contemporary, luxury living on the periphery of downtown,” Jones said. “The asset attracted multiple offers and ended up trading to a foreign capital source, signaling the strength of the south Austin submarket.”
The Estates and Terraces: Atlanta-based BVT Equity sold 670 units in a two-community portfolio near the Southpark Meadows retail center. The buyer was Cortland Partners of Atlanta. The two projects were the 426-unit Estates and the 244-unit Terraces. Jones said, “We rarely see the combination of an off-market, value-add portfolio transaction. It further cements the strength of our multifamily market and the eagerness of investors to stake their claim in Austin.”