IPA Arranges Sale of Houston, TX Apartment Complex

Hartford Park Apartment Homes, 3939 Synott Road,  Westchase District, Houston, TX

Will Balthrope

HOUSTON, TX  – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Hartford Park Apartment Homes, a 328-unit commercial real estate asset located four miles from the Energy Corridor in Houston’s Westchase District.

The terms of the sale were not released.

            Built in 1983, Hartford Park is located on 9.5 acres along the Westpark Tollway 10 miles from The Galleria and four miles south of the Energy Corridor. Residents can choose from six different one- and two-bedroom floor plans. The average apartment size is 820 square feet.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller. Balthrope, Kile and IPA director Nester Clark procured the buyer, Omninet Capital.

            “The strong job markets in the Energy Corridor and Westchase District and the opportunity to add value through the implementation of a unit enhancement program put Hartford Park in position to provide both long-term stability and appreciation,” says Balthrope.

Drew Kile

“We are very happy with our purchase of Hartford Park,” adds Michael Daniel, partner at Omninet Capital. “The property is the first multifamily transaction we have completed in Houston and it represents a small portion of the $200 million we have dedicated for Texas this year.”  

            The property is located at 3939 Synott Road in Houston near access to Beltway 8, the Sam Houston Tollway, and other major arterial thoroughfares that connect to some of the area’s most well-known employers, including Apache Corp, National Oilwell Varco (Valero), and Samsung Engineering Co.

            Hartford Park Apartment Homes’ previous owner renovated 31 units with upgrades that include brushed nickel hardware, lighting kits, ceiling fans, plank wood and carpet flooring, bathroom fixtures and two-inch blinds. Apartments feature custom cabinetry, outside storage, balconies and ceiling fans.

 Select units offer wood-burning fireplaces, cathedral ceilings and garden windows. Shared amenities include controlled access gates, 24-hour emergency maintenance service, a full service laundry facility, swimming pool, hot tub and clubhouse.

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

Gina Relva

Public Relations Manager

(925) 953-1716