Institutional Property Advisors Closes 550-Unit Multifamily Asset Sale in Dallas-Fort Worth Metroplex
December 19, 2024
FORT WORTH, Texas, Dec. 19, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Monterra Village, a 550-unit multifamily property in Fort Worth, Texas.
“Monterra Village gives the buyer an opportunity to implement a first-generation value-add program by upgrading the vast majority of the apartment interiors,” said Drew Kile, IPA executive managing director. Kile and IPA’s Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse, and William Hubbard represented the seller, Hillwood Multifamily, and procured the buyer, Weidner Apartment Homes.
The property is in the 900-acre Alliance Town Center development, surrounded by the 27,000-acre AllianceTexas master-planned mixed-use development. Alliance Town Center has over 1 million square feet of retail, restaurant, and office space, including two hospital campuses, FAA’s Southwest Regional Office, a new H-E-B grocer, and many shopping, dining, entertainment, and recreational amenities. The AllianceTexas development is home to over 575 corporations that support more than 66,000 jobs, all within a short commute of Monterra Village. Residents benefit from direct access to Interstate 35W, which provides access to Downtown Fort Worth.
Monterra Village was constructed in two phases on 35 acres in 2008 and 2013. The two- and three-story garden style property has a resort-style lagoon, lap pools with water features, and pocket parks. Apartments have nine-to-17-foot ceilings, hardwood-style plank flooring, and ceramic tiles. The average unit size is 985 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.
“Monterra Village gives the buyer an opportunity to implement a first-generation value-add program by upgrading the vast majority of the apartment interiors,” said Drew Kile, IPA executive managing director. Kile and IPA’s Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse, and William Hubbard represented the seller, Hillwood Multifamily, and procured the buyer, Weidner Apartment Homes.
The property is in the 900-acre Alliance Town Center development, surrounded by the 27,000-acre AllianceTexas master-planned mixed-use development. Alliance Town Center has over 1 million square feet of retail, restaurant, and office space, including two hospital campuses, FAA’s Southwest Regional Office, a new H-E-B grocer, and many shopping, dining, entertainment, and recreational amenities. The AllianceTexas development is home to over 575 corporations that support more than 66,000 jobs, all within a short commute of Monterra Village. Residents benefit from direct access to Interstate 35W, which provides access to Downtown Fort Worth.
Monterra Village was constructed in two phases on 35 acres in 2008 and 2013. The two- and three-story garden style property has a resort-style lagoon, lap pools with water features, and pocket parks. Apartments have nine-to-17-foot ceilings, hardwood-style plank flooring, and ceramic tiles. The average unit size is 985 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.