Institutional Property Advisors Closes Multifamily Sale in Arlington
October 15, 2024
ARLINGTON, Texas, Oct. 15, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Biltmore, a 186-unit multifamily property in Arlington, Texas.
“Located in North Arlington, the property has received significant capital improvements to give it a fresh, modern look and leaving minimal deferred maintenance,” said Michael Ware, IPA senior managing director. “With fewer than 40% of the units renovated, new ownership can immediately capitalize on upside through continued upgrades.” Ware and IPA’s Taylor Hill, Drew Kile, Joey Tumminello, and William Hubbard represented the seller, Legacy REI, and procured the buyer, Lynba Holdings.
The property is located at the Interstate 30/State Highway 360 interchange, adjacent to the Texas Rangers Golf Club, close to the Viridian neighborhood and the Arlington Entertainment District, home to Texas Live!, Cowboys Stadium, and Globe Life Field. A Whole Foods grocery store and restaurants are within walking distance. Nearby employers include General Motors, the University of Texas at Arlington, Poly-America, and Lockheed Martin.
The Biltmore is a two-story garden-style asset built in 1978. The property has a swimming pool, a fully renovated clubhouse, fitness center, and community courtyards. Apartments have a private balcony or patio, walk-in closets and central air conditioning and heating. The average unit size is 765 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 Will Balthrope, IPA executive managing director.
“Located in North Arlington, the property has received significant capital improvements to give it a fresh, modern look and leaving minimal deferred maintenance,” said Michael Ware, IPA senior managing director. “With fewer than 40% of the units renovated, new ownership can immediately capitalize on upside through continued upgrades.” Ware and IPA’s Taylor Hill, Drew Kile, Joey Tumminello, and William Hubbard represented the seller, Legacy REI, and procured the buyer, Lynba Holdings.
The property is located at the Interstate 30/State Highway 360 interchange, adjacent to the Texas Rangers Golf Club, close to the Viridian neighborhood and the Arlington Entertainment District, home to Texas Live!, Cowboys Stadium, and Globe Life Field. A Whole Foods grocery store and restaurants are within walking distance. Nearby employers include General Motors, the University of Texas at Arlington, Poly-America, and Lockheed Martin.
The Biltmore is a two-story garden-style asset built in 1978. The property has a swimming pool, a fully renovated clubhouse, fitness center, and community courtyards. Apartments have a private balcony or patio, walk-in closets and central air conditioning and heating. The average unit size is 765 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 Will Balthrope, IPA executive managing director.
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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.