Metroplex Multifamily Pair Trades Hands
Oct 24, 2016

DALLAS, Oct. 24, 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 two-property, 730-unit multifamily portfolio. The properties are: Franciscan of Arlington, a 418-unit apartment community located in Arlington, Texas and Village of Hawks Creek, a 312-unit complex in Westworth Village, Texas.

“Both properties are located within high-growth markets and provide new ownership with opportunities to implement unit enhancement programs that will allow for potentially greater returns on investment,” says Will Balthrope, IPA executive director.

“The properties’ transitions to more modern interiors will enable the new owners to create value through revenue increases on par with newer comparable assets in both submarkets,” adds Drew Kile, IPA director.

Balthrope, Kile and Joey Tumminello, IPA associate, represented the seller and procured the buyer.

Franciscan of Arlington is located in the center of the Dallas/Fort Worth Metroplex, 15 miles from the Dallas/Fort Worth International Airport and 20 miles from both the Dallas and Fort Worth central business districts. The Arlington Highlands shopping center is less than a mile away and The Parks Mall at Arlington is within two miles. Nearby major employers include Lockheed Martin Missiles and Fire Control, General Motors, Bell Helicopter-Textron, Inc. and Poly-America Inc. Built in 1999-2000, the property features 11 floor plans. The average unit size is 889 square feet. The community is highlighted by two waterscape pools and lake views.

Village of Hawks Creek is located two miles north of Interstate 30, giving residents access to downtown Fort Worth, Sundance Square, the Near Southside Medical District, and Texas Christian University. Lockheed Martin Aeronautics Co. and the Naval Air Station Joint Reserve Base are nearby. The West 7th district, a pedestrian-friendly, urban village with high-end dining, specialty retailers and numerous entertainment venues is 4.5 miles away. Built in 2005, the property features views of the Hawks Creek Golf Course, an average unit size of 1,009 square feet, stainless-steel appliances, and faux-wood flooring.