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Scott Lamontagne in GlobeSt: Land still sells above asking price but for how long?

AUSTIN, TEXAS (March 7, 2023) – Land prices in many markets, including areas such as Austin, and for developers looking to expand their build-to-rent portfolios, have seen quite the surge.

Northmarq’s Scott Lamontagne, managing director, investment sales, said he recently announced via email a “Coming Soon” blast for land that within 48 hours had five bids that were roughly $500,000 above the list price.

“It didn’t have any other info other than ‘Coming Soon,’ he said, speaking on a panel at IMN’s Build-to-Rent East Conference in Nashville on Thursday.

The post was then marketed in the usual online fashion for the next two weeks and Lamontagne said he anticipates selling it for $750,000 to $1 million over the asking price.

Survey Suggests Minimal Depreciation
Brokers and developers wonder how long that demand will last and at what price.

Land prices in 2023 are expected to stabilize with limited depreciation according to a new report from brokerage National Land Realty (NLR).

“Agents are looking forward to 2023 being another busy year where they expect buyers to make use of opportunities offered by a limited price correction,” NLR said in a release, based on their recent survey. “They remain positive about their business prospects this next year with almost two-thirds [64%] either somewhat or very optimistic.”

NLR’s Jason Walter, CEO, said in prepared remarks that even with the macroeconomic headwinds on the horizon, most of his agents continue to be positive about their business prospects over the next year.

“Buyers continue to look for investments that offer stability in economically volatile times and land continues to be appreciated by investors for the stability it offers.”

Only 7.54% of agents participating in the survey foresee a depreciation of more than 5% this year. Nealy one-third are not expecting any appreciation at all, according to the report.

NLR’s survey showed that there was a notable land appreciation in the rural land real estate sector in 2022 with almost two-thirds [64%] of agents seeing a slight to an often-significant increase in land values, with recreational, farmland, and residential being the standout types.

2025 Land Pipelines ‘Don’t Have Enough’
Jim Jacobi, president, Atlanta-based Parkand Communities, also speaking at the Nashville event, said, “Prices aren’t coming down soon. When we talk to developers about their land pipelines for 2025, they tell us they don’t have enough land. There’s a frenzy going on in Atlanta.”

Jeffrey Lucas, vice president, JEN Partners, also said at the event, “The appetite has really surged in the past year. Everyone is interested in [acquiring land]. More people are getting involved in this.”

Another panelist, Mike Bednarski, managing partner, LyvWell Communities, said, “Land prices were falling and that sort of came to a halt at the end of 2022. Now, it’s going the other way.”

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Austin Q3 Multifamily Market Insights: Vacancy pushes higher following extended decline


  • Multifamily developers continued to bring new projects online during the third quarter, ultimately pushing the vacancy rate higher. While vacancy rose in recent months, asking rents trended higher at a steady pace.
  • After falling for five consecutive quarters, the vacancy rate increased in the last three months, rising 50 basis points during the third quarter to 5.1 percent. Year over year, the rate improved by 60 basis points.
  • Asking rents in Austin continued to push higher in recent months, rising 2 percent during the third quarter to $1,546 per month. Year over year, local apartment rents are up 12.9 percent.
  • The pace of multifamily transactions slowed by 35 percent from the second quarter to the third quarter. In sales where pricing was available, the median price to this point in 2022 is $221,700 per unit, up 7 percent from the median price in 2021.

Read the report

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Northmarq’s Austin investment sales team continues growing with addition of Chase Gardner

AUSTIN, TEXAS (September 6, 2022) — Chase Gardner has joined Northmarq as a senior associate – investment sales. Chase will serve Central Texas and will focus on advising merchant developers and multifamily owners through extensive market research, strategic negotiation, along with structuring debt and equity services for his clients.

Gardner will be working with Scott Lamontagne, managing director – investment sales, to provide a personalized approach for clients. He will also be collaborating with Northmarq’s Austin debt & equity team, ensuring clients can achieve their desired outcomes in all parts of a transaction, from financing, to servicing, to disposition.

“I am looking forward to joining the team and getting to work. There is tremendous opportunity in the Central Texas multifamily space and there is no better way to break into the market than working alongside Scott Lamontagne,” said Gardner.

Prior to joining Northmarq, Gardner was a senior associate at Ascension (formerly known as James Capital Advisors) in Los Angeles for just under four years. His focus was identifying value-add opportunities and assisting long-term owners in the disposition of their property, while navigating through the 1031 Exchange process.

Gardner, a long-term resident of Southern California, made the decision to relocate to Austin, recognizing the tremendous opportunity to leverage his work ethic and expertise in a high growth market. He is a licensed real estate agent in the state of California and Texas and is a graduate of the David Nazarian College of Business and Economics at CSUN.

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Austin Q2 Multifamily Market Insights: Market vacancies reach lowest level since 2014


Austin Multifamily market report snapshot for Q2 2022
  • Strong renter demand for apartments in Austin drove down vacancy rates and fueled rent growth during the second quarter. Improving conditions carried over into the investment market where transaction activity gained momentum and prices rose.
  • After improving throughout 2021, the vacancy rate continued to decline during the first half of 2022. Since the end of last year, area vacancies have improved by 70 basis points, falling to 4.6 percent. Year over year, the vacancy rate has tightened by 230 basis points.
  • Rents continued to trend higher in Austin; asking rents are up 15.7 percent from one year ago, ending the second quarter at $1,516 per month. Year to date, asking rents have pushed 4.6 percent higher.
  • Investment activity surged in the second quarter, rising more than 40 percent from the first three months of the year. In transactions where pricing was available, the median price in 2022 has reached $260,400 per unit, while cap rates averaged 3.7 percent.

Read the report

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Austin Q4 Multifamily Market Insights: Rapid Economic Growth Fueling Transaction Activity


Austin Multifamily market report snapshot for Q4 2021
  • Austin’s strengthening economy and elevated renter demand continued to drive down vacancy rates and push rents higher in the final quarter of 2021. Improving conditions carried over to the investment market, where transaction activity gained momentum, prices rose, and cap rates remained low.
  • Vacancy dropped in each of the final three quarters of the year. During the fourth quarter, the rate fell 40 basis points to 5.3 percent. Vacancy tightened by 130 basis points year over year, reaching its lowest point since 2016.
  • The pace of rent growth accelerated in 2021, with the largest annual increase ever recorded for the region. In the past year, asking rents advanced 14.2 percent to $1,450 per month. In the final three months of the year, rents spiked 5.8 percent.
  • The local investment market strengthened at the end of 2021. The pace of apartment sales accelerated from the previous quarter, cap rates remained near 3.5 percent, and prices rose to nearly $208,000 per unit in transactions where pricing was available.

Read the report

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Northmarq continues national Investment Sales growth

MHC team joins in SoCal, new brokers expand Austin team

MINNEAPOLIS, MINNESOTA (January 11, 2022) — Northmarq continues to grow its investment sales platform, adding a new Manufactured Housing team in Southern California and three new multifamily brokers in Austin. In the last three years, the company’s IS platform has grown from its Southwest roots to national coverage, comprising more than 100 professionals, and facilitating nearly $18 billion of real estate activity.

The Manufactured Housing team — comprised of Managing Director Jeff Benson, Senior Vice President Sam Neumark, Associate Brokers Kody Scott and Jerimiah Robinson, and Transaction Manager Meg Carter — join Northmarq from Marcus & Millichap. They worked together representing buyers and sellers of manufactured housing communities in this important niche, with more than $2 billion in closed transactions and more than 20 years of previous experience. Benson and Neumark are industry leaders in the manufactured housing market and will bring national coverage by collaborating with the existing Northmarq MHC team of Don Vedeen, Jared Bosch, and Chris Michl, who are based in Phoenix.

“Now that we’ve covered the U.S. in institutional and private capital multi-housing property sales experts, we wanted to build out our expertise in a few niche areas. We added an affordable team last year, and now expand our focus on manufactured housing communities with Jeff Benson and his team, who will collaborate with our existing MHC team in Phoenix to offer national coverage for investors,” said Trevor Koskovich, president – Investment Sales. “As in Austin, we continue to add depth to teams across the country.”

In Austin, three senior associates — Hayden Schnieders, Jordan Vaughn, Will Collier — come to Northmarq from Matthews Real Estate, and join Managing Director Scott Lamontagne’s team, adding depth to his focus on land, Build-to-Rent communities, and market-rate multifamily.

“Hayden, Will, and Jordan bring experience in the Austin and surrounding tertiary markets as well as expertise in the value-add segment and infill properties. With Austin’s incredible economic engine, there is a huge demand for both value-add property acquisitions and infill redevelopment sites. Many of the relationships that these gentlemen bring to NorthMarq will now be able to benefit from the increased value that can be derived from viewing their assets using both of these unique lenses,” said Lamontagne.

Northmarq’s Investment Sales platform sold more than 300 properties in 2021 totaling over $11.7 billion and starts 2022 with a robust pipeline of more than 200 properties valued at $6.3 billion. See the company’s listings: https://listings.northmarq.com/

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Austin Q3 Multifamily Market Report: Employment on an Upswing, Fueling Rental Market


Austin Multifamily market report snapshot for Q3 2021
  • The Austin multifamily market is benefitting from a return to the rapid growth that the region has been known for over the past decade. Vacancies are dropping and rents are on the rise. The strength of the market is reflected in price and cap rate trends.
  • After trending higher at the end of 2020 and the beginning of 2021, vacancy has tightened. The rate dropped 120 basis points during the third quarter, reaching 5.7 percent. This marked the lowest vacancy rate in the Austin area in two years.
  • Rents spiked 4.6 percent in just the three months of the third quarter. Asking rents ended the period at $1,370 per month, up 6.6 percent from one year earlier. With economic growth gaining momentum and vacancy tightening, additional gains are likely.
  • The number of properties that sold in the third quarter lagged levels from the prior period, but sales activity to this point in 2021 has more than doubled 2020 levels. Prices are on the rise, reaching $205,800 per unit, while cap rates have compressed to about 4 percent.

Read the report

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Austin Q2 Multifamily Market Report: Rents Rise as Vacancy Tightens at Midyear


Austin Multifamily market report snapshot for Q2 2021
  • The Austin multifamily market demonstrated significant improvement during the second quarter, with a rise in absorption supporting tightening vacancy and a steep acceleration in quarterly rent growth.
  • Vacancy ended the second quarter at 6.9 percent, falling 40 basis points from the first quarter. Despite the recent improvement, the vacancy rate is still up 100 basis points year over year.
  • Asking rents jumped 3.7 percent during the second quarter, bringing the average to $1,310 per month. Current rental rates are nearly identical to figures from one year ago.
  • After a strong start to the year, sales velocity slowed by approximately 10 percent during the second quarter. Prices are on the rise, with the median price reaching $190,500 per unit through the first half of this year, while cap rates have averaged 4.4 percent.

Read the report

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NorthMarq’s Austin office adds multifamily financing veteran Cheryl Higley to its debt/equity team

AUSTIN, TEXAS (September 24, 2021) – Cheryl Higley, a debt/equity professional with experience financing a wide variety of multifamily assets, joined NorthMarq as a senior vice president based in NorthMarq’s Austin office. Higley brings more than 22 years of experience to the team. Prior to joining NorthMarq, she originated and closed over $500 million in multifamily loans while working with Barings, Newmark and Dougherty Mortgage.

“I am happy to be a part of the NorthMarq team, where I can offer an entrepreneurial and advisory approach to my network of multifamily owners. I am now able to offer my clients direct access to the nation’s largest network of lenders including, agency, life insurance companies, CMBS lenders, bridge lenders, and bank lenders,” said Higley.

Higley’s addition brings NorthMarq’s Debt/Equity team to a total of seven CRE professionals, led by managing director, John Morran. The office also employs an investment sales team, which joined in July 2020.

“We are very excited to have Cheryl join our growing team in Austin. Cheryl brings a strong understanding of the multi-family debt markets that will help us expand our coverage in the market and support all of the transaction activity being generated by our Central Texas Multifamily Investment Sales teams,” said Morran. “All of us at NorthMarq are focused on providing the best service with the optimal capital solutions for our clients and we are committed to growing our team with the best people that will allow us to continue to exceed our clients’ expectations.”

Higley holds an active Texas Real Estate salesperson license. She has been a long-time member of NMHC and MBAA, and served as President of the Dallas Mortgage Bankers Association in 2004.

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Austin Q1 Multifamily Market Report: Investment Activity Up, Sales Prices on the Rise


Austin Multifamily market report snapshot for Q1 2021
  • Vacancy likely hit its post-COVID peak in Austin during the first quarter, with conditions likely to improve as the year goes on, and absorption regains momentum. Hiring is forecast to be particularly strong in the second half of the year, fueling renter demand for apartments.
  • Vacancy rose 70 basis points during the first quarter, reaching 7.3 percent. Year over year, the rate is up 140 basis points.
  • As vacancy has pushed higher, rents have dipped as operators focus on retaining renters. Year over year, area asking rents are down 4 percent to $1,263 per month.
  • Investment activity in Austin is off to a stronger start than the pace that was established in both 2019 and 2020. Prices rose, with the median price reaching $185,200 per unit, while cap rates held steady at approximately 4.5 percent.

Read the report

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Austin Q4 Multifamily Market Report: Business Development Bolsters Investor Confidence in Austin


Austin Multifamily market report snapshot for Q4 2020
  • The Austin, Texas, multifamily market was impacted by an active pace of supply growth, which dragged on market fundamentals in a year filled with economic volatility. Conditions are forecast to improve significantly in 2021, as businesses reopen and consumers release pent-up demand.
  • Apartment vacancy in Austin rose 50 basis points in the fourth quarter and the figure spiked 110 basis points in 2020. The rate ended the year at 6.6 percent.
  • Following more than a decade of consistent growth, apartment rents recorded a pullback in 2020. Asking rents in Austin declined 2.8 percent, ending the year at $1,266 per month. Areas located in and near the urban core recorded the most significant rent contractions, mirroring nationwide trends.
  • The Austin investment market closed the year on an upswing. Transaction activity spiked in the fourth quarter while sales prices rose during the same time. Cap rates were mostly stable throughout the year.

Read the report

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NorthMarq’s Austin office arranges financing of $5.526 million for three multifamily properties in Corpus Christi and Austin, Texas

AUSTIN, TEXAS (February 22, 2021) – Chase Johnson, vice president of NorthMarq’s Austin office secured financing of $5.526 million for three multifamily properties consisting of a combined 106 units. Two of the properties are located in Corpus Christi and the other is located in Austin. Johnson arranged the three permanent-fixed loans for the borrower through his relationship with a Freddie Mac SBL.

“Freddie Mac allowed the borrower a cash out refinance on one property in Corpus Christi. The cash out proceeds were immediately used for the down payment for purchase of a new property. This allowed the borrower to tap into value created at an existing asset and expand their portfolio to a new market” said Johnson.

Village Flats: NorthMarq negotiated acquisition financing of $2.69 million for Village Flats. The 48-unit multifamily property located at 8930 Galewood Drive in Austin, Texas. The transaction was structured on a 30-year amortization schedule.

Symphony Apartments: NorthMarq arranged the $1,599,000 refinance of Symphony Apartments. The 24-unit multifamily property is located at 5808 South Alameda Street in Corpus Christi, Texas. The transaction was structured with a 30-year amortization schedule.

Weber Apartments: NorthMarq arranged acquisition financing of $1,237,000 for Weber Apartments. The 34-unit multifamily property is located at 3920 Brushwood Lane in Corpus Christi, Texas. The transaction was structured on a 30-year amortization schedule.

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Austin Q3 Multifamily Market Report: Business Attraction Continues, Setting the Stage for Future Renter Demand


Austin Multifamily market report snapshot for Q3 2020
  • The Austin multifamily market has held up reasonably well in 2020, although some of the effects of accelerating supply growth and the moderating pace of new demand began to emerge during the third quarter. Demand should gain momentum in the coming months, as Austin continues to attract technology leaders to the area.
  • Apartment vacancy rose 20 basis points in the third quarter, finishing at 6.1 percent. Year over year, Austin’s vacancy rate is up 50 basis points.
  • Local asking rents fell sharply in the third quarter, dipping 2.2 percent to $1,285 per month. After the quarterly decline, asking rents are 1 percent below the figure from 12 months earlier. Rents in Austin have recorded rapid growth during the past several years.
  • The Austin investment market strengthened during the third quarter. Sales velocity accelerated, particularly within the city of Austin. Prices rose during the quarter, while cap rates have averaged 4.5 percent in 2020.

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Mobile Loaves & Fishes receives NorthMarq Community Involvement Grant, courtesy of Austin office

An Austin, Texas-based non-profit

MINNEAPOLIS, MINNESOTA (Nov. 23, 2020) – Mobile Loaves & Fishes, a social outreach ministry that has been empowering communities into a lifestyle of service with the homeless since 1998, received a 2020 grant from NorthMarq’s Community Involvement program after being nominated by the NorthMarq office Austin.

The Austin-based non-profit has grown from a one-person operation founded by former commercial real estate broker Alan Graham to one of the most impactful providers of services, in addressing the homelessness crisis in the Austin community. In addition to serving more than 5 million meals, Graham is the visionary behind MLF’s Community First! Village—a 51-acre master-planned development in northeast Austin that provides affordable, permanent housing and a supportive community for men and women coming out of chronic homelessness.

“MLF offers help to the homeless of Austin in an uplifting way with compassion, care and dignity. We are proud to support this amazing organization in its critical work to the homeless population in Austin,” said Managing Director John Morran.

Since its founding, MLF volunteers have served more than 5 million meals with a side of hope to homeless men and women living on the streets of Austin, and the organization has spawned similar food truck ministries in other cities across the U.S. Learn more @mlf.org.

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Austin Q2 Multifamily Market Report: Austin’s Ability to Attract Companies Supports Market Outlook


Austin Multifamily market report snapshot for Q2 2020
  • The Austin multifamily market posted strong performance during the first half of 2020, despite economic volatility. Developers have continued to bring new units to the market, but absorption has been positive and is expected to gain momentum in the coming months.
  • The local multifamily vacancy rate ended the second quarter at 5.9 percent, identical to the figure in the first quarter. Year over year, vacancy has ticked up just 10 basis points.
  • Asking rents finished the second quarter at $1,314 per month, 2.8 percent higher than one year ago. Annual rent growth has averaged 4.9 percent during the past five years.
  • The Austin investment market produced fairly steady results in the first half of the year. Sales velocity slowed with uncertainty in the greater economy, but fundamentals remained strong. Cap rates have averaged 4.9 percent, nearly identical to the average in 2019.

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NorthMarq expands investment sales team in Austin

Multifamily experts Diane Sogal and Justin Chambers join the office

AUSTIN, TEXAS (July 20, 2020) – NorthMarq continues its expansion in Austin with the addition of Diane Sogal and Justin Chambers to Scott Lamontagne’s investment sales team, which has $8 billion in transactional experience. Industry veteran and managing director Lamontagne joined the company in May to build the team and collaborate with the office’s five debt and equity experts on behalf of multifamily property owners.

Sogal, vice president – Investment Sales, has worked in Austin’s CRE market for more than five years, completing numerous complex transactions, including the procurement of a $43 million multifamily development. Previously, she worked at the global real estate firm Engel & Völkers where she specialized in premium residential property, commercial real estate, yachts and aircraft. While working with Engel & Völkers, she offered both private and institutional clients a professionally tailored range of services.

“Diane has developed strong relationships in Austin and surrounding areas,” said Lamontagne. “As part of a deep roster of both debt/equity and investment sales professionals, Diane will be able to offer her clients a full spectrum solutions for multifamily properties.”

Chambers, associate vice president, previously worked for Greysteel and Marcus & Millichap. He is responsible for a full range of services including start-to-finish deal execution, overseeing the due diligence process, transaction analysis, and production of offering memoranda. His primary focus will be representing buyers and sellers of multifamily investment assets primarily in the Class B/C space in the Austin MSA.

“Justin has worked hard to develop relationships with owners, lenders, and other commercial real estate professionals,” said Lamontagne. “We are excited to add him to the team, where he can leverage those relationships and his previous transaction experience.”

NorthMarq’s Austin and San Antonio offices both added investment sales capabilities in the last few months, expanding the platform into 13 offices across the country. In business since 1960, NorthMarq has grown to more than 600 employees through more than 20 acquisitions, a $62 billion loan servicing portfolio and access to hundreds of capital sources.

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Morran, Lamontagne serve as guest speakers during ULI – Austin Capital Markets webinar

John Morran, senior vice president/managing director – debt/equity, and Scott Lamontagne, managing director – investment sales, shared their insight about the state of the capital markets in Austin with members of the local chapter of ULI on Tuesday, June 30.

Topics covered by Morran and Lamontagne included an Austin multifamily update, a multifamily investment sales update, current programs from agency lenders, and what lies ahead. The 45-minute presentation was followed by a Q&A session with the attendees.

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NorthMarq expands Texas multifamily investment sales with Austin market-leader Scott Lamontagne

MINNEAPOLIS, MINNESOTA (May 20, 2020) — NorthMarq continues its coast-to-coast expansion of multifamily investment sales with the addition of Scott Lamontange as managing director-Investment Sales in Austin. He will work to build a team in Central Texas and collaborate with debt and equity experts in NorthMarq’s four Texas offices to offer financing to clients.

Jeffrey Weidell, chief executive officer, NorthMarq, said, “Scott is the ideal leader for investment sales in Austin, completing our vision of adding the full complement of services to this market following our opening in 2019.”

Trevor Koskovich, president-Investment Sales, leads the multifamily investment sales platform’s growth, and looks for professionals who are interested in leveraging the company’s entrepreneurial culture and debt and equity expertise. “Scott is a market leader in Austin, and will be a perfect fit for our growing team of investment sales experts in Texas and in the company. He brings deep experience in institutional investment sales, new development, equity structures, and land acquisition.”

Lamontange comes to NorthMarq after 18 years of multifamily investment sales, most recently with JLL as Managing Director and previously with Institutional Property Advisors, a Marcus and Millichap company, covering central Texas. During the last 18 years, his transaction volume exceeded $7 billion, with more than 50,000 apartment units sold. Lamontange is an Austin market expert, speaking at local and regional real estate conferences, and serving as an advisor for the Federal Reserve Bank of Dallas Beige Book publication.

Lamontange has worked on several high-profile multifamily sale transactions including:

  • Project Catalyst, an infill Austin, class-A, 10 million sq. ft., mixed-use re-development site near downtown Austin.
  • The Catherine, a downtown Austin iconic high-rise that garnished the highest per unit price in Texas history.
  • Tacara Steiner Ranch, a Class A+ suburban garden asset overlooking Lake Travis in Austin.
  • Tribute at the Rim, a San Antonio mid-rise luxury asset that was the city’s largest single transaction in 2019.

He will join the NorthMarq Austin office located at 1209 West Fifth Street, Suite 300, and collaborate with the debt and equity team, including John Morran, managing director, Matt Counts, sr. vice president; Jim Lemos, sr. vice president; and Jesse Lemos, vice president. NorthMarq added the Austin office in April 2019 when the company acquired Texas Realty Capital.

Austin becomes NorthMarq’s 12th office to add investment sales. In business since 1960, NorthMarq has grown to more than 600 employees through more than 20 acquisitions, a $61 billion loan servicing portfolio and access to hundreds of capital sources.

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NorthMarq’s Austin office presents grant to Foundation Communities

AUSTIN, TEXAS (December 26, 2019) – NorthMarq’s Austin regional office recently presented Foundation Communities with a grant to fund the nonprofit’s affordable housing initiatives.

Foundation Communities provides affordable, attractive homes and free on-site support services for thousands of families with kids, as well as veterans, seniors, and individuals with disabilities.

“The stories of hope and community made possible by Foundation Communities are truly incredible,” said John Morran, managing director of NorthMarq’s Austin office. “In the effort to end homelessness and address the affordable housing crisis, Foundation Communities has been successful and impactful in Austin. We couldn’t be more proud to support them in their efforts.”

The organization recently celebrated the opening of The Jordan at Mueller, a family community and home to its 14th learning center. They own and operate 23 communities all over Austin and in North Texas.

The Austin office’s grant is part of NorthMarq’s larger initiative to support organizations addressing homelessness and affordable housing. NorthMarq awarded grants to 12 organizations in 11 different cities across the county. Check out the story here.

L to R: John Morran, Walter Moreau (Executive Director, Foundation Communities) and Matt Counts (Senior Vice President, NorthMarq – Austin).
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NorthMarq acquires Austin-based Texas Realty Capital

Adds $900 million of loan servicing in new high-growth market

MINNEAPOLIS (April 2, 2019) — NorthMarq, a leader in commercial real estate capital markets, announces the acquisition of Texas Realty Capital, an Austin, Texas-based commercial mortgage banking firm. The firm’s principals, Jim Lemos, John Morran, and Matt Counts, will join NorthMarq along with all of the firm’s five additional employees. The office becomes the company’s fourth location in Texas and adds a servicing portfolio of $900 million, bringing NorthMarq’s servicing portfolio to more than $56 billion.

Texas Realty Capital, founded in 2006 when its principals left GMAC Commercial Mortgage, has placed more than $3 billion in loans on commercial, multifamily, and hotel properties, working as a life company correspondent with nearly 30 capital sources.

“Austin is an excellent growth market with opportunity for us, and we knew that the culture Jim, John, and Matt have developed with borrowers and lenders would be an ideal fit for NorthMarq,” said Jeffrey Weidell, president-NorthMarq. “As with our previous acquisitions, we are careful to find the right team that will benefit from our growing platform and integrate easily with our business.”

“NorthMarq’s commitment to best-in-class service and putting their client’s interests first aligns seamlessly with the business principles we established when founding TRC,” said Lemos. 

Morran, who will be the office’s managing director, said, “We’re excited that the NorthMarq platform will help us deliver even better solutions to our clients and support our team as we continue to grow within the rapidly expanding Central Texas market.”

Lemos started his real estate career at Keystone Mortgage Capital in 1984, and Morran joined him in 1992. Prior to Keystone, Morran was a project manager for development and acquisitions with Cencor Realty Services/The Weitzman Group in Austin, Texas. TRC has been a leader in the Austin community through its Funding the Future initiative with more than $600,000 donated to local organizations such as DELL Medical Center, Women & Their Work, The Trail Foundation, Explore Austin, and many others. In business since 1960, NorthMarq offers debt, equity, investment sales, and loan servicing, and has grown to more than 550 employees through more than 20 acquisitions. During the past 12 months, the company also added six investment sales offices, most recently in San Diego: https://www.northmarq.com/northmarq-adds-multifamily-investment-sales-in-san-diego-california/

About NorthMarq
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio to more than $56 billion and the multi-year tenure of our more than 550 people.

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