Sunday, May 20, 2012
RICHARDSON, TX–Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of AMLI at Breckinridge Point (top left photo), a 426,390-square foot luxury multifamily community in Richardson. The terms of the transaction were not disclosed.
Will Balthrope (middle right photo), a Texas-based IPA senior director and Drew Kile (middle left photo), an associate director of IPA also based in Texas, represented the seller, AMLI Residential Properties LP. The buyer is JRK Property Holdings of Los Angeles.
“The property was marketed aggressively nationwide,” says Balthrope. “We conducted 31 property tours with buyers from all parts of the country and generated 26 offers.”
“The tremendous interest in this sale provides evidence of the strong demand for high-quality assets in the Dallas/Fort Worth Metroplex,” Balthrope continues.
“The area is one of the most sought-after investment markets in the country due to strong job growth, high occupancies and rising rental rates. We are seeing great activity on all of our Dallas/Fort Worth listings,” adds Balthrope.
“The Richardson submarket continues to perform as one of Dallas’ top areas for occupancy and rent growth,” says Kile. “Minimal construction and a strong economic recovery will keep the submarket on track for future growth.”
The property is located within the Richardson Telecom Corridor at 4250 East Renner Road, near many major employers, including AT&T, Bank of America, BlueCross BlueShield of Texas and Fujitsu.
Home to more than 600 technology firms, Richardson has the highest concentration of technology workers in the Greater Dallas/Fort Worth Area and is forecast to continue to attract new residents.
“AMLI at Breckinridge Point is a top-tier asset, and many of the most qualified investors in the country expressed interest,” Balthrope says. “Both the buyer and seller are true professionals, and the transaction closed ahead of schedule without any renegotiation from the original agreement. We are very pleased with the performance of both groups,” he concludes.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716