ARA Newmark Gets Round Rock MF Sale
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Shih: “Tenants [are] looking for more affordable rental options in the North Austin/Round Rock area as Austin’s urban core gets more and more expensive.”
ROUND ROCK, TX–ARA, A Newmark Co. (ARA Newmark), has brokered the sale of Brookfield Apartment Homes, a 144-unit apartment complex in Round Rock. Occupancy was 93 percent at the time of the sale.
ARA Newmark Austin-based executive managing directorAndrew Shih represented the seller Petra Capital in the transaction.
“Rents at the property continued to rise throughout the marketing process, with tenants looking for more affordable rental options in the North Austin/Round Rock area as Austin’s urban core gets more and more expensive,” Shih told GlobeSt.com.
California-based Frontline Capital (Frontline) was selected as the buyer. This purchase signifies the company’s first purchase in Austin and sixth purchase in Texas in the last 30 months…
