Institutional Property Advisors Closes Active Adult Multifamily Asset Sale in Dallas-Fort Worth Metroplex
January 08, 2025
ROCKWALL, Texas, Jan. 8, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Alders Rockwall, an age-restricted 144-unit multifamily asset for seniors age 62 and up in Rockwall, Texas.
“Demand for active adult multifamily product in Rockwall was demonstrated during a 12-month period when the property averaged 98% occupancy with 6% rent growth,” said Drew Kile, IPA executive managing director. Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Cameron Purse, and William Hubbard represented the seller, LiveOak Interests and procured the buyer, Blaze Capital Partners.
Completed in 2021, Alders Rockwall is located along the shores of Lake Ray Hubbard, 20 minutes from Downtown Dallas. Downtown Rockwall is less than a mile away and shopping is nearby at Rockwall Crossing, Plaza at Rockwall, and Rockwall Market Center. The Harbor Rockwall, located a short drive from the property, provides access to Lake Ray Hubbard, hotel accommodations, dining, shopping, and entertainment.
Alders Rockwall is a three-story, elevator-served community with a heated resort-style pool and spa, walking trails, and a putting green. A dedicated activities director facilitates lifestyle amenities such as continental breakfasts, group excursions, and on-site classes and clubs. Apartments have full-size washers and dryers, walk-in showers, and private patios with outside storage. The average unit size is 888 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.
“Demand for active adult multifamily product in Rockwall was demonstrated during a 12-month period when the property averaged 98% occupancy with 6% rent growth,” said Drew Kile, IPA executive managing director. Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Cameron Purse, and William Hubbard represented the seller, LiveOak Interests and procured the buyer, Blaze Capital Partners.
Completed in 2021, Alders Rockwall is located along the shores of Lake Ray Hubbard, 20 minutes from Downtown Dallas. Downtown Rockwall is less than a mile away and shopping is nearby at Rockwall Crossing, Plaza at Rockwall, and Rockwall Market Center. The Harbor Rockwall, located a short drive from the property, provides access to Lake Ray Hubbard, hotel accommodations, dining, shopping, and entertainment.
Alders Rockwall is a three-story, elevator-served community with a heated resort-style pool and spa, walking trails, and a putting green. A dedicated activities director facilitates lifestyle amenities such as continental breakfasts, group excursions, and on-site classes and clubs. Apartments have full-size washers and dryers, walk-in showers, and private patios with outside storage. The average unit size is 888 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.