Newmark announces sale of 316-unit luxury multi-family property in Austin’s Hill Country

October 7, 2021 8:30 AM

Newmark announces the sale of Estates at Bee Cave, a 316-unit luxury multi-family building in suburban Austin. The property is located at 3544 South FM 620 Road in the Texas Hill Country. Newmark vice chairman Patton Jones and managing director Andrew Dickson represented the seller, Internacional, in the sale to the buyer, a subsidiary of Abacus Capital Group for an undisclosed price. Newmark has represented the sale of the property twice in five years.

“Estates at Bee Cave provided investors with a rare opportunity to invest in the coveted West Austin submarket which benefits from exceptional fundamentals. The cost of single-family homes continues to skyrocket in Austin, and more renters are seeking luxury, highly-serviced apartment residences, particularly in the Bee Cave / Lake Travis area. Additionally, Estates at Bee Cave is one of eight multi-family communities (+100 units) zoned on Lake Travis ISD. The asset is a great addition to Abacus’ expanding Central Texas portfolio, “Jones says.

The property’s community amenities include a resort-class swimming pool with an indoor grill area and outdoor cooking stations; a drink bar; Wi-Fi in all common areas; a state-of-the-art fitness center; and a clubhouse with a games room, cyber lounge, demonstration kitchen, as well as a conference center and business center for residents.

The community benefits from immediate access to major employment hubs, outdoor recreation and high-end retail. The property is one mile from the Hill Country Galleria, a 1.3 million square foot lifestyle hub, and 20 miles west of downtown Austin, with a base of jobs for more than 105,000 people. The nearby employment opportunities attract a base of talented, well-paid residents looking for a high-quality living option at a lower price than home ownership. Texas Hill Country offers many recreational opportunities including golf clubs, Lake Travis, and miles of hiking and biking trails.

Estates at Bee Cave is located in the high-barrier-to-entry west submarket, with a single multi-family property proposed or under construction within a five-mile radius of the property, according to Newmark Research.

About Newmark
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 client, 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 or follow @newbrand.

Discussion of forward-looking statements regarding Newmark
Statements contained in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.

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