Newmark announces the sale and financing of Enclave at Water’s Edge, a 184-unit multifamily property in a rare infill location proximate to The Domain and within Austin’s growing tech corridor–‘Silicon Hills’. Located at 12330 Metric Boulevard, the community was 94 percent occupied at the time of sale.
Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the undisclosed seller in the sale. Newmark Vice Chairman Matt Greer and Vice President Andrew Wilson facilitated financing on behalf of the buyer, Wildhorn Capital. Bridge Investment Group provided the financing. Newmark has handled the sale of Enclave at Water’s Edge three times since 2014.
“Enclave at Water’s Edge is in an outstanding location minutes from The Domain, Austin’s ‘second downtown’ and the new Q2 Stadium–home to Austin’s first Major League Soccer team, the Austin FC,” said Jones. “The property provides much-needed workforce housing for the thousands of jobs surrounding this rapidly growing area.”
Silicon Hills comprises several of the city’s largest employers including Apple, eBay/PayPal, Visa, Oracle, Indeed, Facebook, IBM and Dell’s world headquarters, among others. The Domain is Austin’s premier retail and office destination, with more than 65 restaurants and bars, over 4 million square feet of office space and 6,000 employees, four hotels, two parks, and more than 180 stores and services including a 65,000-square-foot Whole Foods. As new construction continues to deliver in the phased development, The Domain will bring an estimated additional 7,000 jobs to the area.
“Austin’s tightening cap rates have made it increasingly challenging to attract financing that is accretive to returns. Our client’s conservative leverage requirement allowed for a competitive process. We ended up selecting the same lender that completed a previous transaction for the partnership, Bridge Investment Group. Their familiarity with the partnership’s requirements around a like-kind exchange made for a smooth process from beginning to end,” said Greer.