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Under-Construction Austin Apartments Change Hands

Newmark arranged the sale of The Monroe, a 223-unit new-build multifamily asset in Austin near the burgeoning East Riverside Corridor. The property sold for an undisclosed price and is still under construction.

Vice chairman Patton Jones represented the seller, Dallas-based Stillwater Capital. Jones had also assisted Stillwater in raising the equity for the project in 2019.

The Monroe traded to JEM Holdings, a New York City-based real estate investment firm making its second Austin acquisition. The Monroe is located in a Qualified Opportunity Zone.

“We have seen this project from the equity raise stage to the current sale,” said Jones. “The opportunity zone designation created a situation where we were able to sell the asset in the pre-construction phase as the buyer wanted to take the most advantage of the significant tax savings offered for a luxury product in a growing area of Austin.”

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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