November 11, 2021 10:30 a.m.
Newmark announces that it has completed the sale of West Lake Vistas, a 334 unit value-added multi-family property located at 7201 Ranch Road 2222 in Austin, Texas, for an undisclosed price. The property was swapped from The Connor Group, a national multi-family investment firm, to Hines, a private global property investment, development and management firm. The property was 96% occupied at the time of the sale.
Newmark Vice President Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction. Jones and Dickson were also involved in the earlier West Lake Vistas sale in 2016. Executive Managing Directors Henry Stimler and Bill Weber and Senior Managing Director Ari Schwartzbard facilitate financing on behalf of the buyer.
“West Lake Vistas has provided investors with an opportunity to add value in the affluent and highly sought after West Austin 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, particularly in the Westlake area. Investors were drawn to the incredible prominence of West Lake Vistas atop a hill spanning nearly 40 acres. ”
Built in 2009, the property offers a mix of one, two and three bedroom units with an average area of 1,032 square feet. Property amenities include three swimming pools with lounge seating, a 5e– Outdoor ground floor meeting area, two pavilions with culinary presentation kitchens, business center, billiards and multimedia rooms. Residents also enjoy access to the 24-hour fitness center. As a pet-friendly community, West Lake Vistas offers a dog park, agility course, and dog trails.
Located less than 7 miles northwest of downtown, West Lake Vistas is located in the heart of Austin Hill Country, providing residents with views and proximity to outdoor recreation opportunities. The community is minutes from Austin’s best golf courses and resorts, including Austin Country Club, River Place Country Club, Great Hills Country Club, The University of Texas Golf Club, Omni Barton Creek Resort, Hotel Granduca, and Balcones Country Club. Nearby Lake Travis offers several marinas with boat access. There are several parks in the area, including Bull Creek District Park and Greenbelt, Barton Creek Greenbelt, Emma Long Metropolitan Park, Wild Basin Wilderness Preserve, and Zilker Park.
According to United States Census Bureau, Austin experienced a migration of around 67,200 people between July 2019 and July 2020 – the fastest growing of any subway with a population of at least one million people, fueled in large part by the expanding employment opportunities of 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 range 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 $ 2.5 billion for the twelve months ending September 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 @newmark.
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