Institutional Property Advisors Closes Large Apartment Complex Sale in Dallas Area
GARLAND, Texas, Dec. 3, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Residences at Mesa Ridge, a 492-unit multifamily asset in Garland, Texas.
“Built in 1983, The Residences at Mesa Ridge experienced a significant gradual increase in rent growth throughout 2021 and is projected to continue providing consistent revenue growth in the future,” said Taylor Hill, IPA senior director. “Additionally, previous ownership invested in considerable capital improvements over the past three years that improved the common areas and exteriors.” Hill and IPA’s Joey Tumminello, Will Balthrope, Michael Ware, Drew Kile and Asher Hall, in conjunction with Marcus & Millichap’s Al Silva, represented the seller, Exponential Property Group, and procured the buyer, Eagle Property Capital.
“The property is one of the largest in its comparable market and has an occupancy rate of 95%,” added Tumminello. “A short 30-minute commute into Downtown Dallas, The Residences at Mesa Ridge provides residents with a comfortable, neighborhood-like atmosphere and accessibility to all the Dallas-Fort Worth area has to offer.”
The Residences at Mesa Ridge sits on 29 acres and includes in-unit amenities such as hardwood flooring, washers and dryers, private balconies or patios and vaulted ceilings. Residents can utilize the property’s swimming pool, soccer field, fitness center and community clubhouse.
“IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists, who source the most qualified buyers and obtained the best prices for our sellers,” said Balthrope.
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