Northmarq’s Austin office completes sale of 64-unit garden-style multifamily property

AUSTIN, Texas (Oct. 1, 2024) — Northmarq’s Austin Multifamily Investment Sales team led by Hayden Schnieders, Scott Lamontagne, Will Collier and Jordan Vaughn successfully brokered the sale of Cielo at North Domain, a 64-unit garden-style apartment community in North Austin, Texas. Built in 1973, the multifamily property is located at 9008 Galewood Avenue.

Northmarq represented the seller, Atlanta-based Zavala Capital Group. The buyer was Texas Housing Conservancy, an Austin-based multifamily operator.

“We were proud to represent a repeat client in Zavala Capital on another successful Austin transaction,” said Schnieders. “Today’s sales environment can create challenges, but our Austin team is accustomed to managing and overcoming these obstacles seen in the current investment market, and this transaction demonstrates just that. Our team was committed to seeing this deal through the end, thanks especially to local buyer Texas Housing Conservancy, who were able to offer a seamless escrow process.”

The multifamily property consists of eight two-story apartment buildings with predominantly one-bedroom units averaging 600 sq. ft. Approximately 50% of the units have been upgraded, in addition to extensive interior and exterior renovations, for the overall enhancement of the community. Unit interior improvements include new/refurbished appliance package, full window replacement, upgraded fixtures and hardware, resurfaced countertops and more.

Cielo at North Domain boasts an excellent location near some of Austin’s largest employers, including Tesla, Apple and Samsung. Residents enjoy easy access to The Domain, one of Austin’s premier employment and entertainment hubs, as well as Q2 Stadium and North Austin’s shopping, dining and recreation. Additionally, the submarket’s tight rental market and barriers to entry makes the 64-unit multifamily property a valuable asset.