Pflugerville Apartment Sale Led by Newmark Real Estate Firm

Newmark Multifamily Patton Jones and Andrew Dickson recently completed the sale and financing of a rental community, Villas Tech Ridge, in Pflugerville. The 350-unit value-add multifamily asset was 93% occupied at the time of sale for an undisclosed price. New York Life Real Estate Investors acted as seller while Pegasus Real Estate , a private commercial real estate investment firm, served as buyer. Colin Cross from Newmark’s Debt, Equity and Structured Finance team secured acquisition financing on behalf of Pegasus with Fannie Mae providing attractive ten-year full-term interest only terms despite headwinds in current debt markets.