TX Portfolio Sells for $317M
Institutional Property Advisors has facilitated the sale of 12 multifamily properties across the state totaling 3,699 units.
Churchill on the Park
Institutional Property Advisors, a division of Marcus & Millichap, has facilitated the sale of 12 multifamily properties in Texas totaling 3,699 units. The deals occurred in the first two months of 2018, with an aggregate sales price of $317 million.
In the Dallas market, the properties included Cantera Creek at Lake Highlands, 472 units, Castle Rock Apartments, 160 units, the Vive at Lake Highlands, 248 units, the Lantern at Lake Highlands, 340 units, the Churchill on the Park, 448 units, along with the 274-unit Ranch at Fossil Creek and the 312-unit Hidden Lakes Apartment Homes in the suburb of Haltom City. Another property, the 235-unit Broadmoor, is in Houston.
In the San Antonio market, the properties included Diamond Ridge, 304 units, Parkvista Apartments, 477 units, Pearl Park Apartments, 188 units, and Somerset Apartments, 241 units. The San Antonio portfolio was acquired by the locally based Kairoi Residential, only a few months after it broke off from the Lynd Co.
Outlook for Texas Multifamily Strong
The transactions were brokered by IPA Texas executive director Will Balthrope and senior director Drew Kile, with assistance from colleagues Joey Tumminello in Dallas/Fort Worth, Jordan Featherston in Austin/San Antonio and Jennifer Campbell in Houston.
“The outlook for Texas multifamily investments this year is very positive, and the capital market remains robust for both sellers and buyers,” said Balthrope. “Debt and equity are readily available and long-term, risk-adjusted returns for multifamily assets in large markets such as Dallas/Fort Worth, Houston, Austin, San Antonio and smaller, secondary markets throughout the state are outstanding.”
