ARA Newmark Secures Sale of Two Austin Multifamily Properties

AUSTIN, TEXAS — ARA Newmark has negotiated the sale of two Austin properties: The Park at Stone Creek, a 420-unit community located in northeast Austin; and Mission Hills, a 344-unit, Class A apartment community. The Park at Stone Creek and Mission Hills are both less than 10 miles from Austin’s central business district. ARA Newmark’s Pat Jones worked with Bridgeview Real Estate to facilitate the sale of The Park at Stone Creek with an affiliate of the Turner Multifamily Impact Fund. The Class B community spans 18 acres. Built in the early 1980s, the property offers seven floor plans averaging 750 square feet. Amenities include a fitness center, onsite jogging trail, playground/picnic area, disc golf course, bark park, lighted sport court and two swimming pools. Pat Jones and Andrew Shih of ARA Newmark represented the sellers, AMH I Associates Ltd. and Austin Mission Hills Associates II Ltd., in the transaction for Mission Hills. F&B Capital purchased the property, which was 95 percent occupied at the time of the sale. Mission Hills is a three-story property that was built over two phases in 1999 and 2001. It includes five floor plans with an average unit size of 831 square feet and features nine-foot ceilings, built-in bookcases and patios. The property is situated on 21 acres and offers amenities including a lounge, bar, fitness center and swimming pool.