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| 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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