January 4, 2021 10:00 AM
星空体育app下载 announces the sale of The Monroe, a 223-unit new-build multifamily asset located in Austin near the burgeoning East Riverside Corridor. The property sold for an undisclosed price and is still currently under construction.
星空体育app下载 Vice Chairman represented the seller, Dallas-based Stillwater Capital, a fully integrated private real estate company. The Monroe traded to buyer, JEM Holdings, a New York-based real estate investment firm. The Monroe is located in a Qualified Opportunity Zone (QOZ) and was purchased prior to having received a Temporary Certificate of Occupancy (TCO). This represents JEM Holdings鈥� second acquisition in Austin. Prior to the sale, Jones also assisted Stillwater Capital in raising the equity for the project in 2019.
鈥淲e have seen this project from the equity raise stage to the current sale,鈥� said Jones. 鈥淭he opportunity zone designation created a situation where we were able to sell the asset in the pre-construction phase as the buyer wanted to take the most advantage of the significant tax savings offered for a luxury product in a growing area of Austin.鈥�
According to , increased investor confidence in multifamily has fueled a 55.9% quarter-over-quarter increase nationally, the strongest sequential quarterly gain since 2011. Austin saw a 53.5% quarter-over-quarter increase in transaction volume during the third quarter and remains on track to finish out 2020 with a strong fourth quarter. Activity is expected to continue to accelerate through year-end and into 2021.
The Monroe is located near the East Riverside Corridor, a rapidly transforming area of the city anchored by Oracle鈥檚 massive riverfront campus. In December, Oracle announced the relocation of its headquarters from California to Austin, representing one of the most significant Silicon Valley relocations to date. The campus is currently under construction on a 420,000-square-foot expansion and could employ up to 10,000 at full build out. Another big story out of Silicon Valley is Tesla鈥檚 $1.1 billion manufacturing facility coming to southeast Austin, not far from The Monroe. The factory is expected to employ 5,000 and be a catalyst for future area development. Additionally, The Monroe is located minutes from the planned River Park, a 97-acre master-planned community along Riverside Drive that will solidify the area as a 24-hour lifestyle hub. The redevelopment plans to feature mid-rise structures totaling more than 10 million square feet of mixed-use development, including residences, hotels, offices, open space, parks, restaurants and retail.
About JEM Holdings
JEM Holdings is a New York-based real estate investment firm focused on the acquisition of value-add properties. Since inception, the company has acquired approximately 9,000 multifamily units in the Southeastern US and multiple office properties and is currently developing two multifamily properties. JEM is actively seeking to grow its portfolio through the acquisition of additional multifamily and office properties as well as through select development opportunities.
About 星空体育app下载 (Nasdaq: NMRK)
星空体育app下载 Group, Inc., together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow .
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