Newmark Hosts Sale of 280-Unit Luxury Multifamily Asset in Suburban Austin, Texas
November 1, 2021 9:30 a.m.
Newmark announced that it has completed the sale of Cordevalle, a 280-unit luxury multi-family building located at 650 Louis Henna Boulevard in Round Rock, Texas. Newmark Vice President Patton Jones and Managing Director Andrew Dickson represented the seller, Internacional, at the sale. The buyer and the sale price were not disclosed.
“Cordevalle provided investors with an opportunity to add value in the highly sought after Round Rock submarket,” said Jones. “As the cost of single-family housing continues to skyrocket in the Austin MSA, more renters are seeking highly-appointed luxury apartment communities, especially in suburban inner-city communities like Round Rock. . Investors were drawn to Cordevalle’s proximity to major tech campuses and the fact that it sits next to Dell’s corporate headquarters in the United States. ”
Cordevalle was marketed as part of the Austin Silicon Hills portfolio with Estates at Bee Cave, a 316-unit luxury multi-family asset located near Bee Cave, TX, which was recently sold to a subsidiary of Abacus Capital Group for an undisclosed price. Both properties are located in a highly desirable suburb of Austin, surrounded by award-winning schools, top-notch jobs, major shopping centers, and an abundance of outdoor recreation.
Built in 2014, Cordevalle is a garden-style multi-family community that offers a mix of one and two bedroom units averaging 789 square feet. Property amenities include a resort-class swimming pool, an outdoor summer kitchen with grilling areas, a resident dog park, a modern clubhouse, a fully equipped private conference room, and a fitness center. business, as well as a 24-hour fitness center.
The area offers a strong employment base, with approximately 141,840 jobs within a five mile radius of the community. Major employers in the region include global headquarters of Dell, Amazon, Apple, Facebook, IBM, NI, Indeed, Vrbo, 3M, GM, Oracle, Visa, Samsung and St. David’s Healthcare.
According to United States Census Bureau, Austin experienced an immigration of around 67,200 people between July 2019 and July 2020 – the fastest growing of any subway with at least one million people, fueled in large part by expanding employment opportunities from the city. The influx of new residents has resulted in an increase in multi-family demand and, consequently, rental rates. An analysis of RealPage Inc. data by Business reviews ranked Austin-Round Rock MSA the 17th fastest growing US rental market, based on 14.8% rental growth between 1Q20 and 3Q21.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
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