Newmark Knight Frank: 900 Units Sold in South Austin Market
The Estates apartment is one of several multifamily properties sold in South Austin.
AUSTIN – Newmark Knight Frank has completed the sale of three multifamily communities totaling 905 units in South Austin. Patton Jones, vice chairman in NKF’s Multifamily Capital Markets group, negotiated the transactions.
“The South Austin submarket is one of the strongest suburban markets, supported by major transportation corridors such as IH‑35, South Congress, South Lamar and South First,” Jones said. “Residents enjoy convenient access to Austin’s central business district as well as nearby communities including Buda, Kyle, San Marcos and San Antonio.”
Farmhouse: Ardent Residential, based in Austin, sold the 235-unit Farmhouse community to Ergas Residential Group of Canada. According to Jones, “Farmhouse addressed a local demand for modern, upscale living on the edge of downtown. The property drew multiple offers and ultimately sold to an international buyer, underscoring the strength of the South Austin market.”
The Estates and The Terraces: Atlanta-based BVT Equity sold a two-property portfolio of 670 units located near the Southpark Meadows retail center to Cortland Partners, also of Atlanta. The portfolio included the 426-unit Estates and the 244-unit Terraces. Jones noted, “It’s uncommon to see an off-market, value-add portfolio of this scale trade, which reinforces confidence in our multifamily sector and highlights investor appetite to establish positions in Austin.”
