Institutional Property Advisors Brokers Sale and Arranges Acquisition Financing for Fort Worth Multifamily Asset
October 05, 2022
FORT WORTH, Texas, Oct. 5, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Mag & May, a 240-unit multifamily asset located within the Magnolia Urban Village community of Fort Worth, Texas.
“The property’s location places it at the epicenter of the Near Southside Medical District, which has the highest density of medical jobs in the Dallas-Fort Worth region and with 40,000 jobs is Tarrant County’s second-largest employment center,” said Taylor Hill, IPA senior vice president. Hill and IPA’s Michael Ware, Drew Kile, Joey Tumminello, Jeffrey Kindorf and Will Balthrope represented the seller, Abacus Capital Group, and procured the buyer, Sapient Capital Group. Brian Eisendrath, Cameron Chalfant, and Jake Vitta of IPA Capital Markets secured the financing through a debt fund. “While the capital markets remain volatile, there are still many attractive lending solutions offering leverage and flexibility for borrowers,” added Chalfant.
Mag & May is located a mile from Downtown Fort Worth on W Magnolia Avenue, which is lined with boutiques, bars, breweries, coffee shops and high-end restaurants. The expanding JPS Health Network is adjacent and NAS Fort Worth Joint Reserve Base and Lockheed Martin are a short drive away. Recreation is close by at the Trinity Trail System and shopping and entertainment venues within two miles of the property include Sundance Square, Left Bank, and Crockett Row at West 7th. “The immediate submarket performed exceptionally well in 2021, averaging 15.5 % annual rent growth and 96% occupancy,” noted Ware.
Built on two acres in 2o19, Mag & May is a five-story multifamily asset with community amenities that include a rock-climbing wall, an outdoor social lounge, and an infinity-edge pool with views of Downtown Fort Worth. Apartments have smart home technology, stainless-steel appliances and a patio or balcony. The average unit size is 778 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.
“The property’s location places it at the epicenter of the Near Southside Medical District, which has the highest density of medical jobs in the Dallas-Fort Worth region and with 40,000 jobs is Tarrant County’s second-largest employment center,” said Taylor Hill, IPA senior vice president. Hill and IPA’s Michael Ware, Drew Kile, Joey Tumminello, Jeffrey Kindorf and Will Balthrope represented the seller, Abacus Capital Group, and procured the buyer, Sapient Capital Group. Brian Eisendrath, Cameron Chalfant, and Jake Vitta of IPA Capital Markets secured the financing through a debt fund. “While the capital markets remain volatile, there are still many attractive lending solutions offering leverage and flexibility for borrowers,” added Chalfant.
Mag & May is located a mile from Downtown Fort Worth on W Magnolia Avenue, which is lined with boutiques, bars, breweries, coffee shops and high-end restaurants. The expanding JPS Health Network is adjacent and NAS Fort Worth Joint Reserve Base and Lockheed Martin are a short drive away. Recreation is close by at the Trinity Trail System and shopping and entertainment venues within two miles of the property include Sundance Square, Left Bank, and Crockett Row at West 7th. “The immediate submarket performed exceptionally well in 2021, averaging 15.5 % annual rent growth and 96% occupancy,” noted Ware.
Built on two acres in 2o19, Mag & May is a five-story multifamily asset with community amenities that include a rock-climbing wall, an outdoor social lounge, and an infinity-edge pool with views of Downtown Fort Worth. Apartments have smart home technology, stainless-steel appliances and a patio or balcony. The average unit size is 778 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said 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.