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Newmark Arranges Gamma’s Multifamily Sales in Austin, NC

Newmark arranged the sales of Elan Apartment Homes and Parmer Place in Austin and Carrington Park in Morrisville, NC, a value-add multifamily portfolio totaling 826 units. All properties sold for an undisclosed price.

Vice chairmen Sean Wood, based in Raleigh, and Patton Jones, based in Austin, represented the seller of all three properties, New York-based Gamma Real Estate, a boutique commercial real estate firm. All three assets traded to Bluerock, also based in New York.

“The Raleigh-Durham market and Austin are very similar due to their robust tech employment stories, along with a decade of population growth,” said Jones. “With our combined knowledge of these high-powered markets, we were able to meet all of the client’s needs and find the right buyer for each asset.”

He added, “Renovating Elan Apartment Homes and Parmer Place to compete with newer products is the kind of opportunity private investors are hungry for.”

Pictured: Parmer Place.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition