Newmark has completed the sale and financing of The Sofia Apartments, a 210-unit value-add multifamily property located minutes from downtown Austin, Texas. The property traded from Dallas-based Lion Real Estate Group and Los Angeles-based Marble Partners Management, LLC to New York-based investment firm RockFarmer Properties. Newmark Senior Managing Director Jim Young and Director Chase Easley represented the seller in the transaction. Newmark Vice Chairman Matt Greer and Vice President Andrew Wilson helped arrange the financing from lender Bridge Investment Group on behalf of the buyer.
“The Sofia’s excellent location minutes from downtown Austin in the fast-growing East Riverside district presented investors with a value-add opportunity that was attractive to both institutional and private buyers alike,” said Young. “The asset’s proximity to major employers, including the Oracle and Tesla headquarters, positions The Sofia as a desirable alternative to more expensive downtown living options.”
The property’s premier location along the booming East Riverside corridor is just minutes from downtown Austin, Lady Bird Lake and Austin-Bergstrom International Airport. The property is less than one mile from Oracle’s new Austin headquarters campus and proximate to other major area employers including Google, Facebook, Cirrus Logic, Silicon Laboratories and Whole Foods. Additionally, residents of The Sofia are within minutes of some of the city’s most exciting mixed-use developments, including River Park, Saltillo District and Music Lane.
“The property was financed by Bridge Investment Group in an environment where rates and uncertainty have been constant talking points,” said Wilson. “All parties worked diligently to develop a favorable execution on this deal and RockFarmer Properties is primed to capitalize on an incredible opportunity in a fast-growing submarket just minutes from downtown.”
The Sofia is located at 2201 Willow Creek Drive in Austin. Built in 1973 and 1983 and renovated in 2019, the property features a mix of one- and two-bedroom units with an average unit size of 723 square feet. Unit interiors feature private balconies and patios, hardwood-style flooring and upgraded kitchens with energy efficient appliances and granite countertops. Community amenities include a pool, outdoor barbeque and picnic area, updated clubhouse with business center, fitness center, lighted basketball court and fenced-in dog park. The new ownership plans to rebrand the property and complete additional upgrades to the unit interiors and common area amenities.