Institutional Property Advisors Brokers Central Texas Multifamily Asset Sale
March 02, 2026
TEMPLE, Texas, March 2, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Summit Ridge, a 216-unit multifamily property in Temple, Texas.
“Our marketing process generated a dozen competitive offers, multiple tours, and numerous offers with nonrefundable deposits,” said Will Balthrope, IPA executive managing director. “Previous ownership invested considerably to keep the property competitive, including completely rebuilding the pool and adding a dog park.” Balthrope, in association with Tommy Lovell III, and Richard Robson of Marcus & Millichap, represented the seller, a private investor, and procured the buyer, Ilan Investments LLC. “Buyers were looking for a stable, well-managed property with long-term ownership that didn’t cut corners on maintenance,” said Lovell. “The new owners can position the property as the best-in-class B property with renovated units while undercutting the newer vintage properties on rent.”
The property’s proximity to Interstate 35 and Texas State Highway Loop 363 gives residents access to employment centers in Austin, Round Rock, Waco, and Georgetown. Baylor Scott & White Heath, Temple’s largest employer, has a medical center complex close by and the McLane Company’s global headquarters is in the vicinity. Temple College and the Bird Crossing shopping mall are within a short drive of the property.
Summit Ridge is a two-story, garden-style community with a clubhouse, business center, fitness center, and laundry facilities. Apartments have all-electric kitchens, hardwood floors, dishwashers, and walk-in closets. The average unit size is 956 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 Balthrope.
“Our marketing process generated a dozen competitive offers, multiple tours, and numerous offers with nonrefundable deposits,” said Will Balthrope, IPA executive managing director. “Previous ownership invested considerably to keep the property competitive, including completely rebuilding the pool and adding a dog park.” Balthrope, in association with Tommy Lovell III, and Richard Robson of Marcus & Millichap, represented the seller, a private investor, and procured the buyer, Ilan Investments LLC. “Buyers were looking for a stable, well-managed property with long-term ownership that didn’t cut corners on maintenance,” said Lovell. “The new owners can position the property as the best-in-class B property with renovated units while undercutting the newer vintage properties on rent.”
The property’s proximity to Interstate 35 and Texas State Highway Loop 363 gives residents access to employment centers in Austin, Round Rock, Waco, and Georgetown. Baylor Scott & White Heath, Temple’s largest employer, has a medical center complex close by and the McLane Company’s global headquarters is in the vicinity. Temple College and the Bird Crossing shopping mall are within a short drive of the property.
Summit Ridge is a two-story, garden-style community with a clubhouse, business center, fitness center, and laundry facilities. Apartments have all-electric kitchens, hardwood floors, dishwashers, and walk-in closets. The average unit size is 956 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 Balthrope.
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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.