September 28, 2021 9:00 AM
Newmark announces the sale of Northstar Apartments, a 200-unit value-added multi-family building located at 12001 Metric Boulevard in Austin, Texas. The property’s rare infill location is on the doorstep of The Domain, Austin’s “second downtown” and minutes from Apple’s billion-dollar campus currently under construction.
Newmark Senior Managing Director Jim Young represented the seller, Houston-based private real estate investment firm Nitya Capital, in the sale to the buyer, Langdon Street Capital, a real estate acquisition and development company. value-added development based in Beverly Hills, California. The property was sold for an undisclosed price.
“This is our third multi-family acquisition in the past 12 months and we are approaching 600 units. We have already invested close to $ 100 million in Austin and plan to continue to grow our portfolio in a market that we believe is exponential. growth, ”said Matt Steinberg, director of acquisitions at Langdon Street Capital.
Built in 1986, the property has plenty of community lifestyle amenities including a swimming pool with deck, covered pergola with barbecue, outdoor fire pit, 24-hour fitness room, modern clubhouse with kitchen and living room and a dog park. Unit finishes and amenities include granite countertops, glass backsplashes, stainless steel or black appliance sets, built-in shelving, fireplaces, oversized patios / balconies, and storage. Northstar Apartments is located minutes from major technology employers such as Apple, Dell, IBM, Microsoft, Facebook, Amazon, and VRBO.
“The property’s location close to Austin’s tech jobs hub has made it attractive to investors and will continue to position the asset as a competitive residential option for Austin’s ever-growing workforce. “Young said.
According to Newmark’s 2Q21 US Multifamily Capital Markets report, over the past 12 months, Austin has experienced a year-over-year sales volume influx that has exceeded 45% annualized growth. By the end of the second quarter, Austin had recorded a sales volume of $ 5.7 billion in the previous 12 months.
About Nitya Capital
Nitya Capital, based in Houston, Texas, is a private real estate investment company that owns and manages approximately $ 2 billion in real estate assets in the United States. Nitya focuses on the acquisition and management of collective housing, new developments, commercial offices and retail assets. Since its inception, Nitya has acquired more than 20,000 multi-family units and 1,842-bed (627 units) of Class A student housing, 1 million square feet of commercial offices, hundreds of single-family homes and 300,000 square feet of retail. retail / mixed use.
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. Our full range of services and products are uniquely tailored to each client, from owners to occupants, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues of over $ 1.9 billion. Newmark, with its London partner Knight Frank and independent licensees, operates worldwide from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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