Wednesday, September 10, 2014

323 Multifamily Units in Houston, TX Sold by IPA

  
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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