redIQ Deal Highlight: Sterling Equities Acquires Flatiron Domain
redIQ Deal Highlight: Sterling Equities Acquires Flatiron Domain
redIQ would like to congratulate the team at New York-based Sterling Equities for finalizing the acquisition of Flatiron Domain in Austin, Texas. The 364-unit property was purchased from Stonelake Capital Partners in a deal brokered by Newmark. The property was completed in 2019 and, at the time of purchase, had leased 93% of units.
The Austin market has experienced tremendous growth during the pandemic. Employers and workers in the tech industry have moved to the city in droves, attracted by Texas’ lack of income tax and generally lower cost of living. Companies that have moved to Austin or to areas nearby include Tesla, which has begun construction on a factory, dubbed Giga Texas, near the city. Other recent transactions in Austin include the purchase of The Saint Mary, a 240-unit property Class A property.
About redIQ
Since 2012, redIQ has led in the multifamily analytics and underwriting software space. Six of the top ten acquisitions teams and eight of the top ten brokerages rely on redIQ daily. Every year, more than 30% of all multifamily transactions pass through the platform. Our platform allows CRE professionals to extract and standardize data from deal financials instantaneously, gain deep insights into every property, and generate a comprehensive underwriting, with our model or their own. Our robust set of features includes floor plan summaries, cash flow analysis, hyperlocal comp sets, easy deal sharing, preset assumptions underwriting templates, and more. redIQ will always provide better insights and faster underwriting. These empower our users to make smarter investment decisions.
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