October 22, 2020
Newmark arranged the sale of The Aspect by Cortland, a 308-unit luxury multifamily in the East Riverside district of Austin near downtown. The property sold for an undisclosed price.
Vice chairman Patton Jones represented the seller, Atlanta-based Cortland. The Aspect by Cortland traded to CAF Capital Partners, a Dallas-based private equity real estate firm focused on institutional-quality multifamily assets.
“The Aspect by Cortland is surrounded by the fast-growing East Riverside district, anchored by the massive Oracle lakefront campus and close to downtown Austin,” said Jones.
He continued, “Additionally, Tesla recently announced they will be constructing a $1.1-billion Gigafactory, located just six miles from the property. The proximity to major employment, entertainment, recreation and Bergstrom Airport is attractive to investors and tenants alike.”
According to Newmark Research, Austin ranked in the top 10 nationally for rent and inventory growth, along with first in employment and population growth over the past decade.
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