IPA Texas Closes 17 Fort Worth-Area Multifamily Assets Valued at $525 Million

DALLAS, Dec. 6, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today that IPA Texas sold 17 multifamily properties valued at $525 million in the Fort Worth area in the past five months.

             “IPA Texas continues to be the leading apartment brokerage team in Fort Worth and we are seeing strong interest in all our offerings from both institutional and major private clients,” said IPA Texas executive director Will Balthrope.

“As a longtime resident of Fort Worth, I’ve watched the city earn a reputation as a premier place to invest in commercial real estate,” added IPA senior director Drew Kile. “The strong pace of job growth and rising wages in Fort Worth continue to propel the formation of new households, many of which are choosing apartments. These trends help make the Metroplex one of the best investment markets in the state, and our sales over the last five months were the most competitive we have had.”

The properties are:

• RiverVue Apartments, 375 units, Fort Worth                  
• Monticello Oaks, 63 units, Fort Worth                 
• 250 Lancaster, 130 units, Fort Worth                   
• Riverside Apartments, 188 units, Arlington                    
• 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
• The Overlook at River East, development site, Fort Worth                    
• Quail Ridge, 292 units, Grand Prairie                  
• Avana Point, 324 units, Fort Worth                      
• Advenir at Mansfield, 334 units, Mansfield         
• Villas Central Park, 249 units, Grand Prairie
• Horizons at Fossil Creek, 420 units, Fort Worth
• Northern Cross, 398 units, Fort Worth
• Sandshell at Fossil Creek, 252 units, Fort Worth            

The transactions were closed by Balthrope and Kile with assistance from Joey Tumminello, IPA director, and Giuseppe Thum. “We are starting to see a significant shift in investor interest towards the Tarrant County side of the metroplex,” noted Tumminello. “The data supports that movement and we have had the privilege to facilitate a majority of the most recent trades.” The IPA team partnered with Al Silva, Marcus & Millichap senior managing director investments on the sales of Emerald Hills, Normandale Manor, The Woodlands, Marine Creek, Cedar Point of Arlington, and Quail Ridge.