Newmark Completes Sale and Financing of 290-Unit Value-Add Multifamily Asset near Downtown Austin

June 27, 2024 11:00 AM

Newmark announces it has arranged the sale and financing of The Park on Brodie Lane, a 290-unit multifamily asset located at 6607 Brodie Lane in Austin, Texas.

Newmark Multifamily Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Charlotte-based Barings Real Estate, in the transaction. Vice Chairman Matt Greer and Director Andrew Wilson secured the financing on behalf of the buyer, Boca Raton-based Mill Creek Residential.

“The Park on Brodie Lane experienced unprecedented investor interest,” said Jones. “This response was indicative of capital’s appetite for well-located multifamily properties in high barrier submarkets. With H-E-B across the street and Barings’ proven value-add program, Mill Creek had strong conviction in its business plan and the long-term investment upside.”

Situated across 39+ acres, The Park on Brodie Lane, now Alister Sunset Valley, is 97% leased. The community offers a rich array of amenities, including a pool, an outdoor grill area, hammock lounges, a fitness center, a fenced dog park, sand volleyball and basketball courts and a clubhouse with a coffee bar and full kitchen. Recent renovations have enhanced nearly all units with modern finishes, with 20 apartment homes in Building 14 extensively upgraded.

Located less than six miles from downtown Austin, the community is in proximity to a strong labor pool and major employers such NXP Semiconductors, SHI International, Solar Winds and Yeti Coolers. The surrounding area is poised for growth, with plans for a 37-acre mixed-use development that will introduce 1,700 new residences, 1.26 million square feet of office space and 140,000 square feet of restaurant and retail space just 2.2 miles from the property.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national rental housing company focused on developing, acquiring, and operating rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida, proactively develops, acquires, constructs, and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable markets in Seattle, Portland, the San Francisco Bay area, Sacramento, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2024 the company’s portfolio comprises 146 communities representing over 39,600 rental homes operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.

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 March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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