Resolute Capital Partners is the new owner of a garden-style residential community in South Central Austin.
The Nashville-based private equity firm, led by co-founders Jesse Mamuhewa and David McCutchan, acquired the 104-unit Thornton Flats at 2501 Thornton Road, according to a news release from Newmark Group. Patton Jones and Andrew Dickson of Newmark’s Multifamily Capital Markets represented the undisclosed seller.
“South Central Austin continues to be one of the city’s most desirable locations for both renters and investors,” Jones said.
Considering the proximity of Thornton Flats to the vibrant retail and entertainment hubs of South Lamar, South Congress and downtown Austin, Jones admits the property presented “a rare investment opportunity in the highly coveted Bouldin Creek neighborhood.”
The property, built in 2017, includes an expansive outdoor courtyard with a kitchen, fire pit and hammocks. Other amenities include a lounge, business center and dog park. The apartments feature one- and two-bedroom floor plans, nine-foot ceilings, kitchens with premium finishes and private balconies or mini-yards.
Units spanning from 750 square feet to 970 square feet, and rents cost $1,876 to $2,711, according to an online brochure.
Its location just off the vibrant South Lamar corridor adds to its appeal, since it provides residents with easy access to nearby retailers, restaurants and entertainment hubs like South Congress, Music Lane and Rainey Street.
Additionally, major employers such as Meta and Google are within 2 miles, making it highly convenient for professionals working in the area.
Read more
Movers: Jesse Van Dyke leaves Sterling Bay to join Newmark as Midwest lead & more
Newmark hires Dean Zander away from CBRE to run Century City office
Newmark is playing for commercial’s No. 1 spot
Austin’s rental market remains robust, but an excess supply of housing has led landlords to lower rents and offer concessions in response. The city has experienced significant population growth over the past decade, particularly during the early pandemic years, and now faces a shifting rental landscape.
In March, the median rent in the Austin-Round Rock metro dropped to $1,577, marking a 4.7 percent year-over-year decline. This was the largest decrease recorded among the nation’s 50 largest metro areas. Despite the continued demand for housing, the oversupply has prompted adjustments in rental pricing across the region.
