Newmark Arranges Sale of Multifamily Asset in Austin’s Burgeoning East Riverside District
April 7, 2021
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.”