Institutional Property Advisors Closes Sale and Arranges Financing for Fort Worth Multifamily Asset
March 18, 2024
FORT WORTH, Texas, March 18, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of Copperfield, a 323-unit multifamily property in Fort Worth, Texas.
“Copperfield is a value-add asset located in Southwest Fort Worth, an area that has some of the best growth forecasts in Tarrant County,” said Michael Ware IPA senior managing director. “Previous ownership upgraded approximately 30% of the units and the new owner can continue the value-add program to fully capitalize on the rent growth opportunity,” said Taylor Hill, IPA senior managing director. Ware, Hill and IPA’s Drew Kile, Joey Tumminello, Will Balthrope, William Hubbard and Cameron Purse represented the seller, MLG Capital, and procured the buyer, Rise48 Equity. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk of IPA Capital Markets arranged three years of adjustable-rate financing.
The property’s location near Chisholm Trail Parkway and Interstate 20 gives residents access to Fort Worth’s major employers and retail centers in Downtown Fort Worth. The Near Southside Medical District, Lockheed Martin, and Texas Christian University are nearby.
Built in 1984 on nine acres, Copperfield is a controlled-access community with a swimming pool, fitness center and laundry facilities. Apartments have hardwood floors, washer/dryer connections and walk-in closets.
“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.
“Copperfield is a value-add asset located in Southwest Fort Worth, an area that has some of the best growth forecasts in Tarrant County,” said Michael Ware IPA senior managing director. “Previous ownership upgraded approximately 30% of the units and the new owner can continue the value-add program to fully capitalize on the rent growth opportunity,” said Taylor Hill, IPA senior managing director. Ware, Hill and IPA’s Drew Kile, Joey Tumminello, Will Balthrope, William Hubbard and Cameron Purse represented the seller, MLG Capital, and procured the buyer, Rise48 Equity. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk of IPA Capital Markets arranged three years of adjustable-rate financing.
The property’s location near Chisholm Trail Parkway and Interstate 20 gives residents access to Fort Worth’s major employers and retail centers in Downtown Fort Worth. The Near Southside Medical District, Lockheed Martin, and Texas Christian University are nearby.
Built in 1984 on nine acres, Copperfield is a controlled-access community with a swimming pool, fitness center and laundry facilities. Apartments have hardwood floors, washer/dryer connections and walk-in closets.
“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.