IPA Brokers 2,000-Unit TX Portfolio Deal
1 min read
The Marcus & Millichap division represented the seller, a Canadian investor, and also procured the buyer. The portfolio traded for the first time in 28 years.
Institutional Property Advisors (IPA) has facilitated the sale of a 2,048-unit portfolio in the Dallas/Fort Worth metropolitan area. According to Yardi Matrix data, Canadian-based Berezan Investments is the former owner of the eight-property portfolio. IPA Executive Director Will Balthrope, Senior Director Drew Kile and Director Joey Tumminello, alongside Marcus & Millichap Senior Director Al Silva and Senior Associate Ford Braly, worked on behalf of the seller and also procured the buyer, Exponential Property Group.
Located throughout the Dallas/Fort Worth area and built between 1977 and 1985, Quality Estates Value-Add Portfolio hasn’t traded in the past 28 years. Most of the communities feature swimming pools, parking spaces, playgrounds and laundry facilities. The properties included in the transaction are:
- The Woodlands, 346 units, Fort Worth
- Marine Creek, 248 units, Fort Worth
- Normandale Manor, 122 units, Fort Worth
- Emerald Hills, 276 units, Fort Worth
- Pecan Knoll, 358 units, Garland
- Broadway Manor, 134 units, Garland
- Quail Ridge, 292 units, Grand Prairie
- Cedar Point of Arlington, 272 units, Arlington
“The Quality Estates Portfolio’s exceptional upside makes it unlike any other recent metroplex multifamily sale. Current market rents are significantly lower than the competition, and 95 percent of the units are prime for value-add repositioning,” said Kyle, in a prepared statement.
In April, IPA arranged another portfolio sale in Texas. Almost 3,700 units traded for $317 million.
Image courtesy of IPA