Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Heritage Park, a 204-unit apartment asset in Arlington, Texas.
“Previous ownership recently completed unit and community upgrades, leaving minimal deferred maintenance for the new owner,” said Drew Kile, IPA senior managing director. “Additionally, several other income strategies were implemented that have resulted in significantly increased income.” Kile, IPA’s Will Balthrope, Joey Tumminello and Grant Raymond, in collaboration with Marcus & Millichap’s Bard Hoover and Nick Fluellen represented the seller, American Landmark, and procured the buyer, WAK Management Company. “Heritage Park provides the buyer with an excellent continued value-add opportunity in a central Metroplex location,” commented Tumminello. “As part of our marketing process, we outlined a detailed plan to increase revenue based on successful strategies implemented by comparable properties in the area,” added Hoover.
Located 15 minutes from both Dallas and Fort Worth, Heritage Park is surrounded by employment and entertainment opportunities in Arlington. Residents are minutes from General Motors, Lockheed Martin, Bell Helicopter, AT&T Stadium, Globe Life Park, Texas Live!, and Six Flags over Texas. The recently completed Interstate 30/State Highway 360 interchange expansion gives residents of Heritage Park increased connectivity to all points of the Metroplex, including American Airlines’ new 300-acre campus headquarters. Shopping is nearby at Arlington Highlands and the Grand Prairie Premium Outlets. Built in 1983 on seven acres, the three-story garden-style property’s recent upgrades include a 24-hour fitness center, an updated swimming pool, outdoor kitchen and grill, a new dog park, renovated clubhouse and leasing center. Select apartments have wood-burning fireplaces.
“We cover the multifamily market in all major Texas metros with one team and that gives us the ability to efficiently connect investors with assets that fit their investment profiles and this was an essential component in the completion of the sale,” said Balthrope.