Newmark Arranges Sale of 104-Unit Boutique Multifamily Asset in South Central Austin

September 16, 2024 1:00 PM

Newmark announces it has arranged the sale of Thornton Flats, a 104-unit boutique multifamily asset located at 2501 Thornton Road in South Central Austin. Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the undisclosed seller in the sale to the buyer, Jesse Mamuhewa and David McCutchan of Resolute Capital Partners.

“South Central Austin remains one of the most desirable locations in the city for both renters and investors,” said Jones. “Thornton Flats’ immediate proximity to the retail and entertainment of South Lamar, South Congress and the CBD presented a rare investment opportunity in the coveted Bouldin Creek neighborhood, attracting interest from private funds, family offices and syndicators.”

Built in 2017, Thornton Flats is a Class A, garden-style community offering contemporary design and modern amenities. Nestled behind the vibrant South Lamar corridor, the property features an expansive outdoor courtyard with a kitchen, fire pit and hammocks, a modern lounge, an executive business center and a resident-only dog park. Residents enjoy a mix of one- and two-bedroom floorplans with nine-foot ceilings, gourmet kitchens with premium finishes and private balconies or mini-yards.

Thornton Flats is walkable to numerous retailers, restaurants and entertainment districts including South Congress, Music Lane and Rainey Street. The property also benefits from a high concentration of nearby jobs, with major employers such as Meta and Google less than two miles away.

About Resolute Capital
Resolute Capital is an Austin-based real estate investment firm with a focus on innovative and tailored investment strategies that adapt to evolving market conditions. The firm specializes in acquiring, repositioning, and developing properties in high-demand areas throughout Texas. Their approach is deeply rooted in identifying underutilized assets and transforming them into high-performing investments.

With a proven track record of over $120 million in transaction volume, the company has successfully demonstrated its ability to navigate shifting market dynamics while delivering strong financial performance. Resolute Capital’s focus on Class-A properties in recession-resistant markets positions it to consistently unlock value for investors through creative real estate solutions.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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