Institutional Property Advisors Closes Age-Restricted Multifamily Asset Sale in Suburban North Dallas
November 05, 2024
RICHARDSON, Texas, Nov. 5, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Encore at Buckingham, a 242-unit apartment property for seniors age 55-plus in Richardson, Texas.
“Strong demand for seniors housing in North Dallas is underscored by the property’s exceptional historical performance, such as average occupancy over 98% in the past year,” said Drew Kile, IPA executive managing director. Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Cameron Purse, Justin Knapp, and Nick Stahler represented the seller, Reliant Group, and procured the buyer. Tim Speck, senior vice president and division manager is Marcus & Millichap’s Texas broker of record. “Built in 2001, the asset presents our buyer with a value-add opportunity through modernization of the interiors,” said Tumminello.
Accessible from U.S. Route 75, the property is a mile from the Richardson Core District, which includes Downtown Richardson and the city’s Interurban, Chinatown, Heights, and Lockwood neighborhoods. Richardson Restaurant Park and CityLine Market are nearby and the Stonebriar Mall is within a short drive. The city is home to over 60 international companies and more than 30 million square feet of office space.
Encore at Buckingham is a four-story garden-style asset with resort-style swimming pool, heated spa, movie theater, elevators, and library. The average unit size is 806 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 director.
“Strong demand for seniors housing in North Dallas is underscored by the property’s exceptional historical performance, such as average occupancy over 98% in the past year,” said Drew Kile, IPA executive managing director. Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Cameron Purse, Justin Knapp, and Nick Stahler represented the seller, Reliant Group, and procured the buyer. Tim Speck, senior vice president and division manager is Marcus & Millichap’s Texas broker of record. “Built in 2001, the asset presents our buyer with a value-add opportunity through modernization of the interiors,” said Tumminello.
Accessible from U.S. Route 75, the property is a mile from the Richardson Core District, which includes Downtown Richardson and the city’s Interurban, Chinatown, Heights, and Lockwood neighborhoods. Richardson Restaurant Park and CityLine Market are nearby and the Stonebriar Mall is within a short drive. The city is home to over 60 international companies and more than 30 million square feet of office space.
Encore at Buckingham is a four-story garden-style asset with resort-style swimming pool, heated spa, movie theater, elevators, and library. The average unit size is 806 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 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.