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| Will Balthrope |
HOUSTON, TX – Institutional Property Advisors (IPA), a
division of Marcus & Millichap serving the needs of institutional and major
private real estate investors, has arranged the sale of a 323-unit multifamily
property in Houston. The property’s name and transaction details were not
disclosed.
IPA
executive director Will Balthrope represented the seller. Balthrope and
Marcus & Millichap vice president investments Jeffrey Fript represented
the buyer.
“The
property is a desirable apartment community located near high-traffic
expressways, large corporate employers and regional retail centers,” says
Balthrope. “Built in the early 2000s, the asset is at a stage now where
enhancements provide an opportunity for value creation through revenue
increases that will place it on par with newer assets.”
The
property is a short drive from the third-largest employment center in the
region, Houston’s Energy Corridor. This area is home to many energy-industry
leaders, including BP America, ConocoPhillips and the Shell Oil Co.
 |
| Jeffrey Fript |
The three-story, 27-building multifamily complex, built in
2004, features remote-controlled access gates, scenic garden landscaping and a
clubhouse. Apartment interiors contain amenities such as personal laundry rooms
with full-size washers and dryers, home-style kitchens with abundant cabinet
space, linen closets and oversize walk-in closets.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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