Newmark announced that it has completed the sale of Cordevalle, a 280-unit luxury multifamily asset located at 650 Louis Henna Boulevard in Round Rock, Texas. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Internacional, in the sale. The buyer and sale price were undisclosed.
“Cordevalle presented investors with a value-add opportunity in the highly desirable Round Rock submarket,” said Jones. “As the cost of single-family housing continues to skyrocket in the Austin MSA, more renters are seeking highly amenitized, luxury apartment communities, particularly in first-ring suburban communities like Round Rock. Investors were attracted to Cordevalle’s proximity to major tech campuses and the fact that it is next door to Dell’s U.S. Corporate headquarters.”
Cordevalle was marketed as part of the Austin Silicon Hills Portfolio along with the Estates at Bee Cave, a 316-unit luxury multifamily asset in nearby Bee Cave, Texas that recently sold to an affiliate of Abacus Capital Group for an undisclosed price. Both properties are located in highly desirable suburbs of Austin, surrounded by award-winning schools, top employment, large retail centers, and an abundance of outdoor recreation.
Built in 2014, Cordevalle is a garden-style multifamily community that features a mix of one- and two-bedroom units averaging 789 square feet. Property amenities include a resort-class pool, outdoor summer kitchen with grilling areas, resident-only dog park, modern clubhouse, fully equipped private conference room and business center, and 24-hour fitness center.
The area offers a strong employment base, with approximately 141,840 jobs within a five-mile radius of the community. Major employers in the area include Dell World Headquarters, Amazon, Apple, Facebook, IBM, NI, Indeed, Vrbo, 3M, GM, Oracle, Visa, Samsung, and St. David’s Healthcare.
According to the U.S. Census Bureau, Austin experienced in-migration of roughly 67,200 people between July 2019 and July 2020 – the fastest growth of any metro with at least one million residents, fueled largely by the city’s expanding employment opportunities. The influx of new residents has led to rising multifamily demand and, accordingly, rental rates. An analysis of RealPage Inc. data by The Business Journals ranked the Austin-Round Rock MSA the 17th fastest-rising U.S. rental market, based on rent growth of 14.8% between 1Q20 and 3Q21.