The Nord Group, a private equity real estate investment firm with offices in New York and Houston, has purchased “The Park at Crestview,” a residential development in Austin, Texas for an undisclosed price from Nitya Capital, a Houston, Texas-based privately held real estate investment firm that owns and manages over $2 billion in real estate assets across the United States.
The residential development on over 13 acres at 8200-8220 Research Blvd., features 37-two-story walkup buildings with a total of 248 apartments. The buildings were built in 1970 and total 224,272 sq. feet. The property also offers residents a wealth of amenities including an outdoor swimming pool, outdoor playground and dog park.
Rosewood Realty Group’s Austin Marshak represented the buyer, Nord Group, and Rosewood Realty Group’s Mike Kerwin and Scott Bernstein represented the seller, Nitya Capital.
“This property’s location, potential for value-add renovations and strong demand in the area make it a great investment for the buyer,” said Marshak. “I am confident that my client’s plans to renovate and reposition the property will enhance its appeal and create tremendous long-term value for their firm and their investors.” “It is an exciting time to be investing in Texas, and we are thrilled to continue to be a part of this dynamic market.”
According to Rosewood, Austin, Texas is one of the fastest-growing cities in the country, and the demand for high-quality multifamily housing is rapidly increasing. “The city’s thriving economy, excellent quality of life and attractive investment opportunities makes investing in Austin a no-brainer,” added Marshak.
