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August 30, 2023 2:00 PM

�ǿ�����app���� announces it has completed the sale and financing of Villas Tech Ridge, a 350-unit value-add multifamily asset in Pflugerville, Texas, within North Austin’s growing Silicon Hills neighborhood and tech corridor. The property was 93% occupied at the time of sale and traded for an undisclosed price.

�ǿ�����app���� Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, an institutional client of New York Life Real Estate Investors. The buyer was Pegasus Real Estate, a private commercial real estate investment firm. Vice Chairman Colin Cross of �ǿ�����app����’s Debt, Equity and Structured Finance team helped secure the acquisition financing on behalf of the buyer.

“Buyer interest in Villas Tech Ridge was outstanding given the more limited product available and the upside potential,�� said Jones. “Pegasus has continued their push into the Central Texas multifamily market, and Villas Tech Ridge represented another excellent value-add investment opportunity in North Austin.”

Villas Tech Ridge offers new ownership the opportunity to increase value-add potential via unit interior and amenity upgrades. Built in 2009, the garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 976 square feet. Unit interiors offer fully-equipped kitchens, oversized walk-in closets and full-size washer and dryer sets. Community amenities include a pool with loungers and cabanas, a resident clubhouse, a state-of-the-art fitness center, controlled access gates and a fenced dog run.

Located at 13838 The Lakes Boulevard, Villas Tech Ridge is surrounded by major employment, entertainment and recreation. The property is just down the street from Parmer Austin, a 300-acre technology and research park with tenants including General Motors Co., Meta, 3M and Apple, and just over three miles from The Domain, home to employers such as Amazon, Indeed and Vrbo, as well as Austin FC’s new Q2 stadium. The property offers convenient access to major thoroughfares IH-30, MoPac and HWY 183.

“Despite headwinds in the current debt markets, we were extremely pleased to secure an attractive ten-year full-term interest-only financing for Pegasus through our fantastic partners at Fannie Mae,�� said Cross. “This was a great deal for a great client.��

According to �ǿ�����app���� Research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since the third quarter of 2021 and well above the long-term average. New supply will also significantly increase, with nearly 550,000 units expected to be delivered in 2023 and an all-time high of nearly 588,000 in 2024.

About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit:

New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 180 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With $68.3 billion in assets under management as of June 30, 2023⁽¹⁾ New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.

⁽¹⁾ Real Estate Investors AUM of $68.3B is gross and includes AUA ($873M) as of 6/30/2023. Net AUM for Real Estate Investors is $67.4B as of 6/30/2023.

About �ǿ�����app����
�ǿ�����app���� Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“�ǿ�����app������), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. �ǿ�����app����’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, �ǿ�����app���� provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, �ǿ�����app���� generated revenues of approximately $2.7 billion. As of June 30, 2023, �ǿ�����app����’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow .

Discussion of Forward-Looking Statements about �ǿ�����app����
Statements in this document regarding �ǿ�����app���� that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, �ǿ�����app���� undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see �ǿ�����app����’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.