IPA Closes $317 Million in Texas Multifamily Sales
April 02, 2018
DALLAS, April 2, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the completion of 12 multifamily transactions in Texas totaling 3,699 units in the first two months of 2018. The cumulative sales price was $317 million.
These transactions were closed by IPA Texas executive director Will Balthrope and senior director Drew Kile, with assistance from team members Joey Tumminello in Dallas/Fort Worth, Jordan Featherston in Austin/San Antonio and Jennifer Campbell in Houston.
“The outlook for Texas multifamily investments this year is very positive, and the capital market remains robust for both sellers and buyers,” says Balthrope. “Debt and equity are readily available and long-term, risk-adjusted returns for multifamily assets in large markets such as Dallas/Fort Worth, Houston, Austin, San Antonio and smaller, secondary markets throughout the state are outstanding.”
“We continue to see strong bidding from buyers on all types of assets from value-add to brand new construction,” adds Kile. “These first quarter transactions were closed with buyers from throughout the investment spectrum, ranging from major institutions to individual private buyers. Investors continue to be drawn to Texas by our state’s significant job and population growth.”
The properties sold by IPA Texas were:
Cantera Creek at Lake Highlands, 472 units, Dallas
Castle Rock Apartments, 160 units, Dallas
The Vive at Lake Highlands, 248 units, Dallas
The Lantern at Lake Highlands, 340 units, Dallas
Churchill on the Park, 448 units, Dallas
The Broadmoor, 235 units, Houston
The Ranch at Fossil Creek, 274 units, Haltom City
Hidden Lakes Apartment Homes, 312 units, Haltom City
Diamond Ridge, 304 units, San Antonio
Parkvista Apartments, 477 units, San Antonio
Pearl Park Apartments, 188 units, San Antonio
Somerset Apartments, 241 units, San Antonio
IPA’s team in Texas also includes associates, Drew Garza, Morton Johansen and Max Helgeson; each had an active role in these transactions. Marcus & Millichap’s Nick Fluellen and Bard Hoover provided additional representation in the sales of Cantera Creek at Lake Highlands, Castle Rock Apartments, The Vive at Lake Highlands, and The Lantern at Lake Highlands. Jeffrey Fript assisted in the sale of The Broadmoor.
Tim Speck, first vice president and district manager, is Marcus & Millichap’s broker of record in Texas.