Newmark Brokers Sale of Two Austin Apartment Communities Totaling 560 Units

AUSTIN, TEXAS — Newmark has brokered the sale of Elan Apartment Homes and Parmer Place, two multifamily communities in Austin totaling 560 units. Elan Apartment Homes was built in 2007 and totals 270 units, while Parmer Place was constructed in 2008 and consists of 290 units. The two properties, which were both 95 percent occupied at the time of sale, were sold as part of a portfolio deal that also included the disposition of a 266-unit community in Morrisville, N.C. Sean Wood and Patton Jones of Newmark represented the seller, New York-based Gamma Real Estate, in the transaction. The buyer was Bluerock, a New York-based institutional alternative asset manager.