Newmark announces the sale of Hillstone at Wolf Ranch, a 332-unit, 2018-built luxury multifamily community. The asset is located in Georgetown, Texas, part of the I-35 growth corridor just north of Austin.
Vice Chairman Patton Jones represented the seller Leon Capital Group, a Dallas-based investment group with a focus in real estate. The asset traded to Weinstein Properties, a Virginia-based multifamily-focused investment firm, for an undisclosed price. This transaction represents Weinstein Properties’ eighth acquisition in the Austin area.
“North Austin and the surrounding area is one of the most active places in the city, fueled by Apple’s $1 billion expansion campus, Amazon’s newly announced facilities in Round Rock and Pflugerville, and the continued expansion of The Domain,” said Jones. “Hillstone at Wolf Ranch, located in growing Georgetown, is well-positioned to attract renters looking for luxury living at more affordable rates in a suburban environment, but close to all north Austin has to offer.”
Completed in 2018, Hillstone at Wolf Ranch is the newest built complex in Williamson County–the ninth-fastest growing county in the U.S. from 2010-2019 with a growth rate of almost 40 percent, according to U.S. Census Bureau data. Additionally, the city of Georgetown is ranked seventh on the list of fastest-growing cities in the country with a population of more than 50,000. Georgetown’s growth rate was 7.2 percent from July 2018 through July 2019, resulting in an estimated population of 79,604. Residents of Hillstone at Wolf Ranch are surrounded by an abundance of mixed-use development in Georgetown and are just 10 miles from all the amenities of north Austin.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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