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| The Creek on Park Place Apartments, Bedford, TX |
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| Will Balthrope |
BEDFORD, TX, Nov. 13, 2013 – Institutional Property Advisors
(IPA), a multifamily brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale of The
Creek on Park Place, a 220-unit apartment complex in the Mid-Cities area
between Dallas and Fort Worth. The terms of the sale were not released.
IPA executive director Will Balthrope, IPA associate
director Drew Kile, Marcus & Millichap vice president investments Nick
Fluellen and associate Bard Hoover advised the seller.
The buyer, a
1031-exchange investor from the West Coast, sold an apartment property in
California with Marcus & Millichap senior associate Joshua Luchs and
associate Joshua Ross and reinvested the proceeds in the Texas market.
Brian Adams, an associate director of IPA Capital
Markets in Dallas arranged the financing.
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| Drew Kile |
“More than $2.1 million in renovations and improvements
during the last 24 months have transformed The Creek on Park Place into one of
the premier properties in the submarket,” says Balthrope. “Additional
opportunities to add value exist through the implementation of a water
conservation program and the continuation of the unit upgrades.”
“The renovations were completed with efficiency and
long-term sustainability in mind, lowering make-ready and maintenance expenses
for the foreseeable future,” adds Kile.
“IPA Capital Markets arranged a permanent nonrecourse debt
structure through an agency lender to meet the client’s long term financing
objectives,” says Adams.
The apartment complex is located at 2001 Park Place Blvd. in
Bedford, Texas near the intersection of state highways 121 and 183, less than
one mile from Texas Health Harris Methodist Hospital and less than six miles
from the Dallas/Fort Worth International Airport.
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| Nick Fluellen |
Built in 1980, the Creek on Park Place is situated on nearly
12 acres in a park-like setting with mature trees and a natural creek channel.
The new interior
finishes include gourmet kitchens with contemporary glass backsplashes, stained
and resurfaced cabinetry, black-on-black appliances, faux granite-style
countertops, brushed nickel hardware and fixtures, gooseneck faucets, upgraded
lighting, ceiling fans, two-inch blinds, walk-in closets and wood-plank
flooring.
Community amenities include a swimming pool with a custom
outdoor pool kitchen, a dog park and playground, fitness center, business
center, laundry facility and outdoor seating areas with barbecue grills.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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