Monday, September 15, 2014

IPA Sells 352 Multifamily Units in West Texas


Drew Kile
MIDLAND, TX – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of 352 multifamily units in Midland, Texas.  The property name and transaction details were not disclosed.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller in the transaction and procured the buyer.

            “The property is a well-maintained, established multifamily asset in one of the nation’s strongest metro areas,” says Balthrope.  

“The prime location, recently rehabilitated exterior and updated landscaping made this a premier acquisition opportunity. Investors saw the potential to capture additional value and rent growth through continued enhancements.”

            “Midland’s exceptional job growth and solid long-term prospects make it one of the best markets in the nation for multifamily property performance,” adds Kile.

            Built in 1982, the property is located off State Highway 250 in Midland, one of the fastest-growing cities in the United States.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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