East Central Texas Apartment Complex Sale Brokered by Institutional Property Advisors
BRYAN, Texas, Oct. 2, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Springs at University Drive, a 216-unit multifamily property in Bryan, Texas.
“Bryan/College Station was an attractive market to launch in, even during the COVID environment as the area’s high in-place yields attracts a large number of buyers,” said Will Balthrope, IPA executive director. Balthrope, and Jennifer Campbell, Tommy Lovell III, Richard Robson, and Will Griffin represented the seller, Continental Properties, and procured the buyer, CEG Multifamily. “Additionally, Continental delivered a unique low-density product that was popular with investors,” added Campbell. “We presented 13 competitive offers, which is what we would have expected pre-COVID.”
The property’s location on University Drive near State Highway 6 gives residents access to a growing number of major employers. Texas A&M University, one of the largest research universities in the United States, is less than five miles away. “Texas A&M Health Science Center doubled its research space in 2019 and the Research Valley Biocorridor, a 3,500-acre biopharmaceutical corridor, is being developed in College Station,” noted Lovell. Built in 2017 on 13 acres, Springs at University Drive is a two-story garden-style community with attached and detached garages, an outdoor lounge and on-site car care area. Apartments have private entries and the average unit size is 980 square feet.
“Our team’s thorough coverage of major Texas metros and fast-growing secondary markets like Bryan/College Station gives us the edge in identifying opportunities for clients nationwide and was a key element in the closing of this transaction,” added Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com