Institutional Property Advisors Facilitates Central Texas Multifamily Sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Park at Estancia, a newly constructed, 320-unit multifamily property located within the master-planned community of Estancia Hill Country in Austin’s Far South neighborhood.
“Far South Austin has seen exceptional growth and strong multifamily fundamentals in recent years, including above average rent growth and high occupancy,” said Will Balthrope, IPA executive director. Balthrope, Jordan Featherston, IPA director, and Kent Myers, Marcus & Millichap senior vice president investments, represented the seller, GenCap Partners, and procured the buyer, Churchill Forge. “The long-term outlook for Austin’s labor market remains strong, despite the effects of the pandemic,” added Myers.