$350 Million in Multifamily Assets Brokered by IPA Texas
December 22, 2017
DALLAS, Dec. 22, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces that IPA Texas, led by executive director Will Balthrope and senior director Drew Kile, has completed 13 multifamily transactions in the last 90 days totaling 2,594 units and one multifamily development site. The total value is $350 million.
“Investor interest in Texas multifamily assets remains extremely strong in all the Texas metros, including Dallas, Fort Worth, Houston, Austin and San Antonio,” says Balthrope. “Stabilized deals with value-add components are particularly sought after, but the supply is limited.”
The completed transactions consist of both value-add and newly constructed, stabilized Class A assets.
“At a time when many sales of new construction assets are struggling or not getting done, we were very pleased to have had a great turnout for our developer clients on the recently stabilized buildings,” adds Kile. “We worked closely with our developer clients for several months prior to marketing to best position the assets for smooth sales, and we leveraged our unmatched national access to major private investors and family offices to bring high-quality buyers that often fly below the radar.”
The properties sold by IPA Texas are:
• 27TwentySeven, 152 units, Dallas
• Southpark Crossing, 308 units, Austin
• Crosswinds, 176 units, Corpus Christi
• The Quarry Luxury Townhomes, 150 units, San Antonio
• Residences at Holly Oaks, 128 units, Suburban Fort Worth
• Vantage at Harlingen, 288 units, Harlingen
• Gardens of DeCordova, 110 units, Suburban Fort Worth
• Pecan Springs, 344 units, San Antonio
• Gardens of Weatherford, 76 units, Suburban Fort Worth
• River Walk Village, 358 units, Flower Mound
• Timberview Ranch, 304 units, Grand Prairie
• Western Center Development Site, 14.7 acres, Fort Worth
• Seville Apartment Homes, 200 units, San Antonio
IPA Texas includes associates Jordan Featherston and Joey Tumminello, both played an active role in the sales of these assets. Nick Fluellen, senior managing director investments, and Bard Hoover, first vice president investments procured the buyer in the sale of the Gardens of Weatherford and the Gardens of DeCordova and were part of the brokerage team on the sale of Crosswinds and Residences at Holly Oaks. Max Helgeson, associate, provided additional representation in the sale of the Gardens of Weatherford and the Gardens of DeCordova.