Newmark arranged the sale of The Monroe, a 223-unit new-build multifamily asset in Austin near the burgeoning East Riverside Corridor. The property sold for an undisclosed price and is still under construction.

Vice chairman Patton Jones represented the seller, Dallas-based Stillwater Capital. Jones had also assisted Stillwater in raising the equity for the project in 2019.

The Monroe traded to JEM Holdings, a New York City-based real estate investment firm making its second Austin acquisition. The Monroe is located in a Qualified Opportunity Zone.

“We have seen this project from the equity raise stage to the current sale,” said Jones. “The opportunity zone designation created a situation where we were able to sell the asset in the pre-construction phase as the buyer wanted to take the most advantage of the significant tax savings offered for a luxury product in a growing area of Austin.”