April 7, 2021 12:00 PM
Newmark announces the sale of Ellie Apartments, a 344-unit value-add multifamily asset constructed in 1999. Located less than three miles southeast of downtown Austin, the property is positioned near the growing East Riverside district, which is home to Oracle’s headquarters. The property, 94 percent occupied at the time of sale, traded for an undisclosed price.
Newmark Vice Chairman Patton Jones represented the seller, F&B Capital, an Austin-based real estate investment firm specializing in multifamily acquisitions and redevelopments with offices in Austin, Dallas, Houston, Phoenix and Atlanta. Ellie Apartments traded to Los Angeles-based TruAmerica Multifamily, one of the country’s most active multifamily investors, and their equity partner American Realty Advisors, a Los Angeles-based commercial real estate investment manager. This is TruAmerica Multifamily’s first acquisition in Austin. Roscoe Property Management was hired to manage the community. Additionally, Newmark previously sold Ellie Apartments to F&B Capital in 2016, prior to representing the firm in the current sale.
“Ellie Apartments’ excellent location minutes from downtown Austin and the vibrant East Riverside district made this value-add opportunity particularly attractive to investors,” said Patton. “With Oracle’s headquarters and the much-anticipated future 4700 Riverside mixed-use development within two miles of the property, the immediate area is transforming into a desirable alternative to more expensive downtown living options.”
In 2020, Oracle, an S&P 500 multinational computer technology corporation, announced the relocation of its headquarters from California to Austin. The company’s campus along East Riverside Drive and Lady Bird Lake is currently under construction in its second phase, adding 420,000 square feet to the existing 560,000 square feet of office. At full build-out the facilities will have room for up to 10,000 employees. The East Riverside district will also be home to 4700 East Riverside, a 97-acre planned mixed-use development that will further cement the area as a bustling live-work-play hub. The development will feature four million square feet of office, as well as hospitality, medical offices, residential and park land. Completion of all development phases is estimated between 10 to 20 years.
About American Realty Advisors, LLC
American Realty Advisors (“ARA”), headquartered in Los Angeles, CA, is a private equity real estate investment manager working on behalf of institutional capital and has over $10.1 billion in assets under management. Through a series of offerings of core, core-plus, and value-add strategies which include equity, debt, preferred equity, mezzanine and hybrid debt, ARA invests in a wide range of opportunities in high-quality office, retail, industrial, multi-family, and other property types throughout the United States. More information regarding ARA can be found at www.aracapital.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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