Institutional Property Advisors Brokers West Texas Multifamily Asset Sale
November 08, 2023
MIDLAND, Texas, Nov. 8, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Clusters, a 352-unit multifamily asset in Midland, Texas.
“Located within the Permian Basin, the second-largest oil and gas shale in the world, Midland has high-income jobs, and a large, well-educated labor force,” said Will Balthrope, IPA executive director. “With average household income over $114,000, the city provides a steady stream of qualified renters to The Clusters.” Balthrope and IPA’s Drew Garza, in conjunction with Tommy Lovell III and Richard Robson of Marcus & Millichap represented the seller, an out-of-state partnership, and procured the buyer, Churchill Forge.
The property is off Texas State Highway Loop 250, close to the Green Tee Country Club, Midland College and Midland Executive Airpark. Shopping is nearby at the Cornerstone Shopping Center and the Sibley Nature Center is six miles away. Major employers in Midland include Gravity Oilfield Services, ProPetro Holding, Warren CAT, Blackline Energy Services and Imperative Chemical Partners.
Built in 1982 on 14 acres, the property provides residents with basketball, racquetball, volleyball and tennis courts, walking and biking trails, and a swimming pool. Apartments have washers and dryers, fireplaces, and a balcony or patio.
“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.
“Located within the Permian Basin, the second-largest oil and gas shale in the world, Midland has high-income jobs, and a large, well-educated labor force,” said Will Balthrope, IPA executive director. “With average household income over $114,000, the city provides a steady stream of qualified renters to The Clusters.” Balthrope and IPA’s Drew Garza, in conjunction with Tommy Lovell III and Richard Robson of Marcus & Millichap represented the seller, an out-of-state partnership, and procured the buyer, Churchill Forge.
The property is off Texas State Highway Loop 250, close to the Green Tee Country Club, Midland College and Midland Executive Airpark. Shopping is nearby at the Cornerstone Shopping Center and the Sibley Nature Center is six miles away. Major employers in Midland include Gravity Oilfield Services, ProPetro Holding, Warren CAT, Blackline Energy Services and Imperative Chemical Partners.
Built in 1982 on 14 acres, the property provides residents with basketball, racquetball, volleyball and tennis courts, walking and biking trails, and a swimming pool. Apartments have washers and dryers, fireplaces, and a balcony or patio.
“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.
# # #
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.