Newmark Has Big Hand in Pflugerville Apartment Sale
Newmark completed the sale and financing of a recent rental community, Villas Tech Ridge, a 350-unit value-add multifamily asset in Pflugerville. The property was 93% occupied at the time of sale and traded for an undisclosed price.
Newmark Multifamily Patton Jones and Andrew Dickson represented the seller, an institutional client of New York Life Real Estate Investors. The buyer was Pegasus Real Estate, a private commercial real estate investment firm. Colin Cross of Newmark’s Debt, Equity and Structured Finance team helped secure the acquisition financing on behalf of the buyer.
“Despite headwinds in the current debt markets, we were extremely pleased to secure an attractive ten-year full-term interest-only financing for Pegasus through our fantastic partners at Fannie Mae,” said Cross.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.