AUSTIN, TX - ARA, A Newmark Company is pleased to announce the sale of Elan East, a 251-unit class A community located in the eclectic community of East Austin, TX.
ARA Austin-based Principal, Patton Jones represented the sellers, Charleston, SC-based Greystar, and The Carlyle Group, headquartered in Washington, DC in the transaction. The purchaser in this transaction is a Boston, MA- based institutional buyer.
“Elan East was sought after by institutional and private investors seeking a core investment opportunity,” said Pat Jones. “Investors were drawn to the properties’ burgeoning East Austin location and its proximity to the MLK Metro Rail Station.”
Constructed in 2014, Elan East is highly-amenitized, contemporary, urban, garden-style, class A community comprised of one- and two-bedroom units. The community features resort- class amenities including a lavish pool with outdoor lounge area and full kitchen with grilling stations/prep space; a state-of-the-art wellness studio with free weights, cardio machines, and TVs; an elegant leasing center and clubhouse with multiple lounge areas; a fully equipped business center; and a club lounge with a large foodie kitchen.
The property is located in East Austin, just minutes from downtown and Austin central business district’s numerous employment opportunities. There are 163,701 jobs within a five mile radius, with nearby employers including the University of Texas, St. David’s Healthcare, Austin American-Statesman, Seton Healthcare, HomeAway, Mass Relevance, Cirrus Logic, and Silicon Laboratories. Elan East is just two blocks from the Capital Metrorail MLK Jr. Station which allows passengers to move quickly to major destinations, including the University of Texas and downtown. Residents of the community also enjoy convenient access to major thoroughfares including IH- 35, Hwy 183, Hwy 290, and Airport Blvd.
Minutes from the property between East 4th and 11th Streets, hot new restaurants and bars abound and include Qui, Blue Dahlia Bistro, The Liberty, Franklin BBQ, LaV, Hillside Farmacy, and Mettle. The famous South Congress
(SoCo) District, with Guero’s Taco Bar, Hopdoddy Burger Bar, Home Slice, Vespaio, and Doc’s Bar & Grill, are also all located nearby.
East Austin is moving from a transitional eclectic urban location to an established institutional submarket.
Occupancy at the time of sale was 95%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Eva Coffee at ecoffee@ARAusa.com or 512.637.1216.
About ARA, A Newmark Company: ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA, A Newmark Company is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA, A Newmark Company’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA, A Newmark Company’s extensive multihousing investment services, visit www.arausa.com.
About Newmark Grubb Knight Frank: Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 12,000 professionals, operating from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com