Institutional Property Advisors Facilitates Dallas-Fort Worth Metroplex Multifamily Asset Sale
August 28, 2026
RED OAK, Texas, Aug. 27, 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 The Ovilla at Legacy Square, a 288-unit multifamily property in the Legacy Square master-planned development in Red Oak, Texas.
“Just 18 miles south of Downtown Dallas, Red Oak is a northern Ellis County suburb that since 2020 has seen its population grow by 31%,” said Michael Ware, IPA senior managing director. “Average annual household income in the city is over $119,500 and the median value of a single-family home is more than $400,000.” Ware, Joey Tumminello, Drew Kile, and Taylor Hill of IPA represented the sellers, Thompson Realty Capital and Trez Capital, and procured the buyer, Fogelman Properties.
Located on Overlook Drive close to Ovilla Road and Interstate 35E, the property is within walking distance of entertainment, hospitality, retail, and restaurants in Legacy Square’s commercial hub. Employers in the immediate area include Qarbon Aerospace, Bombardier US Aerostructures, Google, DataBank, and Compass Datacenters. Dallas Fort Worth International Airport is within a short drive.
The Ovilla at Legacy Square is a three-story, garden-style asset completed in 2023 on over 18 acres. Community amenities include a resort-style swimming pool, clubhouse, outdoor gas grills, and a dog park. Apartments have granite countertops, stainless-steel appliances, and under-cabinet lighting. Select units have direct-access garages and private yards. The average unit size is 901 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.
“Just 18 miles south of Downtown Dallas, Red Oak is a northern Ellis County suburb that since 2020 has seen its population grow by 31%,” said Michael Ware, IPA senior managing director. “Average annual household income in the city is over $119,500 and the median value of a single-family home is more than $400,000.” Ware, Joey Tumminello, Drew Kile, and Taylor Hill of IPA represented the sellers, Thompson Realty Capital and Trez Capital, and procured the buyer, Fogelman Properties.
Located on Overlook Drive close to Ovilla Road and Interstate 35E, the property is within walking distance of entertainment, hospitality, retail, and restaurants in Legacy Square’s commercial hub. Employers in the immediate area include Qarbon Aerospace, Bombardier US Aerostructures, Google, DataBank, and Compass Datacenters. Dallas Fort Worth International Airport is within a short drive.
The Ovilla at Legacy Square is a three-story, garden-style asset completed in 2023 on over 18 acres. Community amenities include a resort-style swimming pool, clubhouse, outdoor gas grills, and a dog park. Apartments have granite countertops, stainless-steel appliances, and under-cabinet lighting. Select units have direct-access garages and private yards. The average unit size is 901 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.