Institutional Property Advisors Closes Five-Property Texas Multifamily Sale
June 23 2022 - 11:31AM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of 1,437-unit,
five-property Royalton Portfolio. Four properties are in the
Dallas-Fort Worth metro area and one is in suburban Austin.
“All five properties are newly constructed assets in
high-growth, suburban locations,” said Drew Kile, IPA senior
managing director. “They are all market-leading assets within their
submarkets and all experienced exceptional leasing velocity.” Kile
and IPA’s Joey Tumminello, Will Balthrope, Jordan Featherston,
Michael Ware, Taylor Hill, Kent Myers, Asher Hall, Grant Raymond,
and Jeffrey Kindorf represented the seller, SWBC Real Estate. The
team also procured the buyers, Lightbulb Capital Group, the family
office of Jay Schuminsky, purchaser of the Metroplex assets and
Brixton Capital, which acquired the Austin-area property. “Class A
asset sales like these drove the highest transaction velocity since
2018 in the Metroplex last year, and more market-leading apartments
traded hands in 2021 than in the past 20 years,” added
Tumminello.
The Royalton Portfolio properties are:
- The Royalton at Grand Prairie, 300 units built in 2021, Grand
Prairie
- The Royalton at Craig Ranch, 271 units built in 2021,
McKinney
- Central Park at Craig Ranch, 271 units built in 2019,
McKinney
- The Royalton at Rockwall Downes, 295 units built in 2021,
Rockwall
- The Royalton at Sunfield, 300 units built in 2021, Buda
“Austin’s multifamily marketplace continues to be a strong draw
for multifamily investors, and with over 60,000 new residents
projected to move to the city by the end of the year, prospects for
continued growth are excellent,” said Balthrope. “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.”
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
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220623005396/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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