Newmark has completed the sale and financing of The Warner, a 336-unit core multifamily asset located in Round Rock, Texas. The property was 95% occupied at the time of sale and traded from the developer, an affiliate of real estate development and investment firm Stanmore Partners, to Harbor Group International, a global real estate investment manager.
Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction. Executive Managing Directors Henry Stimler, Bill Weber and Matt Mense, Senior Managing Director Ari Schwartzbard and Director Daniel Sarsfield of Newmark’s Debt, Equity and Structured Finance team helped arrange the financing on behalf of the buyer.
Built in 2022, The Warner features fully air-conditioned corridors and elevator access to all units. Community amenities include a resort-style pool, gaming and fitness lawns, an expansive clubhouse, private co-working spaces and a 24-hour athletic club. Apartment homes average 901 square feet and feature one-, two- and three-bedroom floorplans.
Located at 2670 S. AW Grimes Boulevard, The Warner boasts a prime location along the Texas Innovation Corridor anchored by Austin’s Silicon Hills and San Antonio’s biotech industry, which has experienced major population and economic growth over the past decade. Additionally, The Warner is proximate to a strong future medical presence, with 730,000 square feet of medical space underway just 15 minutes from the property. Residents further benefit from city-wide connectivity via IH-35, SH-45 and SH-130.
According to Newmark Research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since Q3 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.
