Newmark Arranges Sale of 309-Unit Elan Parkside Apartments in Austin
AUSTIN, TEXAS — Newmark has arranged the sale of Elan Parkside, a 309-unit apartment community located within the 81-acre Highland ATX mixed-use development in north-central Austin. Built in 2018, the six-story property houses a mix of studio, one- and two-bedroom units as well as 5,500 square feet of ground-floor retail space. Amenities include a pool, 24-hour fitness center, outdoor courtyard with fire pits, a business center and bike storage space. Patton Jones of Newmark represented the seller, Charleston, S.C.-based Greystar, in the off-market transaction. Andy Scott and Michael Cosby of JLL arranged a $40 million acquisition loan through Mesa West Capital on behalf of the buyer, Dallas-based multifamily investment firm SPI Advisory. The loan was structured with a five-year term and a floating interest rate. Elan Parkside was 97 percent occupied at the time of sale.