ARA Newmark Arranges Sale of 7East in Austin
- Aug 29, 2017
ARA Newmark announced the sale of 7East, a recently-built 186-unit community located in East Austin. At the time of the transaction, the property was 94 percent leased. Vice Chairman Pat Jones represented owners Stonelake Capital Partners and Ardent Residential in the deal. The buyer is GF Properties Group, a wholly-owned subsidiary of the Southern Ute Indian Tribe Growth Fund.
7East was completed in 2016 and occupies 1.9 acres at 2025 East 7th St. The unit mix consists of one- and two-bedroom apartments ranging from 595 to 1,218 square feet, as well as a few live-work units averaging 760 square feet. Unit interiors feature ten-foot ceilings, open-concept gourmet kitchens, spa-inspired bathrooms, oversized walk-in closets and washers/dryers. Common area amenities include a rooftop Sky Lounge and clubroom, resort-style pool, 24-hour fitness center, a leash-free dog park, a business center with Apple computers and a conference room.
Burgeoning core district
The community is less than a mile from Lady Bird Lake and downtown, near major employers, public transportation, retail and entertainment venues. The Medical District—which features the new Dell Medical School and Dell Seton Medical Center—the future site of Oracle Cloud Campus, the central business district and the University of Texas are also within walking/biking distance of the property. The community is close to Plaza Saltillo, which upon completion will deliver 140,000 square feet of office space, 110,000 square feet of retail/restaurant space, 1.4 acres of public/park space as well as a residential component.
“Due to scarcity of land on the east side and rising construction costs, it would be impossible to replace this property,” Jones said in a prepared statement. “The area is rapidly gentrifying, but retains an eclectic mix and that’s a beacon for young professionals, tenants and investors.”
Image courtesy of ARA Newmark