December 14, 2020
Newmark arranged the sales of Elan Apartment Homes and Parmer Place in Austin and Carrington Park in Morrisville, NC, a value-add multifamily portfolio totaling 826 units. All properties sold for an undisclosed price.
Vice chairmen Sean Wood, based in Raleigh, and Patton Jones, based in Austin, represented the seller of all three properties, New York-based Gamma Real Estate, a boutique commercial real estate firm. All three assets traded to Bluerock, also based in New York.
“The Raleigh-Durham market and Austin are very similar due to their robust tech employment stories, along with a decade of population growth,” said Jones. “With our combined knowledge of these high-powered markets, we were able to meet all of the client’s needs and find the right buyer for each asset.”
He added, “Renovating Elan Apartment Homes and Parmer Place to compete with newer products is the kind of opportunity private investors are hungry for.”
Pictured: Parmer Place.
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