21-Property Multifamily Portfolio Sold by IPA
Aug 19, 2016

DALLAS, Aug. 19, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of a 21-property apartment portfolio. The portfolio consists of 5,995 multifamily units in Texas, Georgia, Maryland, South Carolina and Virginia.

“Buyers seeking to capitalize on a true value-add Texas multifamily opportunity were enthusiastic about this compelling offering as the bulk of this one-of-a-kind portfolio is located in the high-growth markets of Dallas and Houston,” says IPA executive director Will Balthrope. “The opportunity to acquire multifamily investments across multiple markets allowed the principals to diversify their portfolio and build scale as investors continue to chase yield.”

Balthrope, along with Norman Eastwood, Marcus & Millichap senior vice president investments, Drew Kile, IPA senior director, and Jennifer Campbell, IPA associate director, represented the seller. The team also procured the buyers, an institutional group that purchased a small subset of the original portfolio and several private investors. Kurt McGarry, associate in Marcus & Millichap’s Atlanta office, also provided representation.

“Opportunities to add value are appealing, especially in thriving markets,” adds Eastwood. “Dallas/Fort Worth is firing on all cylinders as job growth continues to draw new residents and supports advancement in the region’s apartment operations.”

Dallas/Fort Worth is one of the strongest metropolitan areas in the nation in terms of absolute job growth. Over the past year, the metro has added 94,700 jobs.         

“The portfolio gives new ownership opportunities to enhance value in some of the nation’s fastest-growing multifamily markets,” notes Kile. “Capital infusion and improved operations will put the properties in position for greater cash flow in the long term.”       

Four of the properties are located in Dallas and 13 are in Houston. Georgia, Maryland, South Carolina and Virginia are home to one each. All of the assets were built between 1969 and 1982, and all have interior and exterior value-add potential.

“The 13-property Houston piece of this asset is significant,” says Campbell. “It reflects the abundant interest and activity there as investors continue to show strong optimism for Houston’s long-term economic outlook.”

“The sale highlights the competitive advantage the IPA and Marcus & Millichap platform offers; which is the ability to connect buyers and sellers to a national network of qualified investment professionals backed by industry-leading technology and research,” comments Tim Speck, Marcus & Millichap first vice president.

Speck is the firm’s broker of record in Texas. In Georgia, Marcus & Millichap’s broker of record is Michael Fasano, first vice president. The firm’s broker of record in Maryland and Virginia is senior vice president Bryn Merrey and in South Carolina, Marcus & Millichap’s broker of record is Raj Ravi.