Newmark has announced the sale of Estates at Bee Cave, a 316-unit luxury multifamily asset in suburban Austin. The property is located at 3544 South FM 620 Road in Texas’ Hill Country. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Internacional, in the sale to the buyer, an affiliate of Abacus Capital Group for an undisclosed price. Newmark has represented the sale of the property twice in five years.
“Estates at Bee Cave presented investors with a rare opportunity to invest in the highly-desired West Austin submarket that is benefiting from exceptional fundamentals. The cost of single-family housing continues to skyrocket in Austin, and more renters are seeking highly amenitized, luxury apartment communities, particularly in the Bee Cave/Lake Travis area. Additionally, Estates at Bee Cave is one of eight multifamily communities (+100 units) zoned to Lake Travis ISD. The asset is an excellent addition to Abacus’ expanding Central Texas portfolio,” said Jones.
Community amenities at the property include a resort-class pool with covered grilling area and outdoor cooking stations; a beverage bar; WiFi in all common areas; a state-of-the-art fitness center; and a clubhouse including a game room, cyber lounge, demonstration kitchen, and a resident conference center and business center.
The community benefits from immediate access to major employment nodes, outdoor recreation and high-end retail. The property is one mile from the Hill Country Galleria, a 1.3 million square foot lifestyle center, and twelve miles west of downtown Austin, with an employment base of over 105,000. Nearby employment opportunities attract a high-earning and talented resident base seeking a high-quality living option at a discount to homeownership. Texas Hill Country offers ample recreational opportunities including golf clubs, Lake Travis, and miles of hiking and biking trails.
Estates at Bee Cave is located in the high barrier-to-entry West submarket, with only one multifamily property proposed or under construction within a five-mile radius of the property, according to Newmark Research.