Newmark announces the Company has arranged the sale and financing of Veranda, a 362-unit trophy multifamily property located at 7205 E Ben White Boulevard, just minutes from downtown Austin, Texas.
Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Wayfinder Real Estate. Vice Chairman Adam Randall and Managing Director John Westby-Gibson secured the debt financing on behalf of the buyers, Missio Capital and Bow River Capital.
“Investors were intrigued by Veranda’s extremely high-quality product and location relative to the CBD, East Austin and Tesla’s Austin headquarters,” said Jones. “The community benefits from phenomenal drive-by visibility and easy access to some of Austin’s biggest economic development nodes. This will be an excellent addition to Missio and Bow River’s respective growing Texas portfolios.”
“This acquisition reflects our conviction in buying recently completed, institutional-quality assets at significant discounts to replacement costs,” said Nelson Crowe, Missio Capital’s Managing Partner. “We are grateful for our continued relationship with the Newmark and Wayfinder teams in providing a successful transaction.”
Veranda is located near Austin’s East Riverside Corridor, less than four miles from downtown and close to major employers including Oracle, Tesla, Google, Meta and the University of Texas. The property offers frontage along Highway 71 between I-35 and Highway 183, and is also near the Austin-Bergstrom International Airport.
“We’re incredibly pleased with this financing, which is a testament to the expanding relationship between Bow River and Newmark,” said Randall. “Bow River and Newmark’s teamwork allowed us to capitalize on favorable market conditions and secure an excellent rate.”
According to Newmark Research, multifamily supply in Austin is projected to decline significantly by 2026, with roughly 18,000 units under construction, approximately 65% below the peak seen in Q1 2023. The market reported several positive developments in Q2 2025, including improved occupancy, reduced excess supply and strong year-to-date absorption of over 12,000 units, suggesting that market stability has been established and that a broader recovery is underway.
