Newmark : Announces the Sale of 316-Unit, Luxury Multifamily Property in Austin’s Hill Country

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October 7, 2021 8:30 a.m.

Newmark announces the sale of estates in Bee Cave, a luxury 316-unit apartment building in suburban Austin. The property is located at 3544 South FM 620 Road in the Hill Country of Texas. Newmark’s 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, at an undisclosed price. Newmark has represented the sale of the property twice in five years.

“Bee Cave real estate has provided investors with a rare opportunity to invest in the coveted West Austin submarket, which has benefited from exceptional fundamentals. Austin single-family home costs continue to skyrocket and renters seek cutting-edge luxury.” Shared apartments, particularly in the Bee Cave / Lake Travis area. Additionally, Estates at Bee Cave is one of eight multi-family communities (+100 units) that are zoned to Lake Travis ISD. The property is an excellent addition to Abacus’ expanding portfolio in central Texas. Said Jones.

The property’s communal facilities include a resort-grade pool with a covered BBQ area and outdoor cooking stations; a drinks bar; Wi-Fi in all public areas; a state-of-the-art fitness center; and a clubhouse with a game room, cyber lounge, demonstration kitchen, and an on-site conference and business center.

The community benefits from immediate access to major employment centers, outdoor recreational activities, and high-end retail stores. The property is one mile from the Hill Country Galleria, a 1.3 million square foot lifestyle center, and 12 miles west of downtown Austin with over 105,000 employees. Nearby employment opportunities attract high-income and talented residents looking for high quality housing at a discount on home ownership. Texas Hill Country offers a variety of recreational opportunities including golf clubs, Lake Travis, and miles of hiking and biking trails.

Estates at Bee Cave is located in the West submarket with a high entry barrier, although, according to Newmark Research, only one apartment building within eight kilometers is proposed or under construction.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate and seamlessly manages each phase of the real estate lifecycle. Newmark’s comprehensive range of services and products is individually tailored to each customer, from owner to user, from investors to founders and start-ups to blue-chip companies. By combining the platform’s global reach with market intelligence in both established and emerging real estate markets, Newmark offers first-class service to clients in all industries. Newmark had sales of more than $ 2.2 billion for the twelve months ended June 30, 2021. Newmark’s corporate offices work with its business partners from over 160 offices with approximately 6,200 employees around the world. To learn more, visit nmrk.com or follow @newmark.

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