Eight-Property 2,048-Unit Value-Add DFW Multifamily Portfolio for Sale
DALLAS, Jan. 23, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the exclusive listing of an eight-property, 2,048-unit, value-add multifamily portfolio spread throughout the Dallas/Fort Worth area.
“This one-of-a-kind portfolio presents the multifamily investment community with an outstanding value-add opportunity in one of the fastest-growing markets in the country,” says Will Balthrope, IPA executive director. “These assets will provide new ownership with diversity and scale supported by strong population and job growth.”
“Current ownership has held each property for an average of 24 years,” adds Drew Kile, IPA senior director. “The long hold period creates an untouched value-add opportunity for future investors.”
Balthrope, and Kile, along with IPA associate Joey Tumminello, and Al Silva, a senior director of Marcus & Millichap’s National Multi Housing Group, are representing the private seller.
“Each asset is located in a strong-performing submarket achieving significant rent growth throughout Dallas/Fort Worth,” notes Tumminello.
The properties are:
- Emerald Hills, 276 units, Fort Worth
- Normandale Manor, 122 units, Fort Worth
- The Woodlands, 346 units, Fort Worth
- Marine Creek, 248 units, Fort Worth
- Cedar Point of Arlington, 272 units, Arlington
- Quail Ridge, 292 units, Grand Prairie
- Pecan Knoll, 358 units, Garland
- Broadway Manor, 134 units, Garland
“These communities are geographically diversified throughout the Metroplex, which is projected to add 105,000 jobs in 2017,” says Silva. “The portfolio is a great way to harness and benefit from this generational growth story in Dallas/Fort Worth.”