Institutional Property Advisors Leads Multifamily Brokerage Sales in Dallas-Fort Worth
September 15 2023 - 9:16AM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), has closed 15 multifamily asset sales
valued at $860 million with $1.6 billion currently under contract
or in escrow in Dallas-Fort Worth (DFW) to date in 2023.
“The deep conviction institutional and major private investors
have for multifamily properties in Texas and in DFW specifically,
is keeping the market very active,” said Drew Kile, IPA executive
managing director. “Transactions are being completed, IPA is
helping investors secure the best possible outcomes through what
has been a choppy last 12 months.”
So far this year in DFW, IPA’s Texas-based multifamily team, led
by IPA executive director Will Balthrope and Kile, closed 15
transactions, has 17 transactions in escrow, and 10 properties
coming to market. “While bid lists are materially stronger than
last fall, market volatility has made buyers even more diligent and
selective on assets they pursue aggressively,” said Joey
Tumminello, IPA senior managing director.
According to IPA’s new Special Texas Multifamily Construction
Report, developers in Dallas-Fort Worth, Houston, Austin, and San
Antonio began just 6,500 apartments during the second quarter of
2023. That volume is down 72% from the quarterly average recorded
from the beginning of 2021 through Q1 2023 when new construction
was at its peak.
“Uncertainty in the capital markets environment and tightened
construction lending have made development very challenging right
now, but the significant fall off in supply points to even brighter
days coming sooner than most expected in the DFW market,” noted
Taylor Hill, IPA senior managing director. “For about the last
year, it has been difficult to build in DFW, and it’s going to
remain difficult for at least the next year.”
“With strong job growth and the continued increase in population
in DFW, the demand for apartments remains high. Investors are
diligently trying to make new acquisitions work to be positioned to
take advantage of what is likely going to be a strong operational
run in 2025-2027 with so little new supply,” said Michael Ware, IPA
senior managing director.
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, 2022, the company had 1,904
investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230914562761/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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