Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cypress Apartments, a 276-unit multifamily asset in McKinney, Texas.
“McKinney’s population has increased more than 325% in the past 20 years and Cypress Apartments has been a direct beneficiary of the city’s growth, achieving over 6% effective rent growth while maintaining high occupancy in the trailing 12 months,” said Michael Ware, IPA executive managing director. Ware and IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Cameron Purse and Will Balthrope represented the seller, Rockport Equity, and procured the buyer, Knightvest Capital. “We conducted 61 property tours and generated 24 offers from institutional and private capital buyers drawn to the strong location, great schools, high-income demographics, and large floor plans,” said Hill.
The property is located close to Lake Forest Drive and Highway 75 between Sam Rayburn Tollway and U.S. Route 380. Sam Rayburn Tollway provides access to Dallas Fort Worth International Airport and Highway 380 connects to Frisco and new developments such as the new PGA Headquarters. Major employers, including the University of North Texas at Frisco, University of North Texas at the Collin Higher Education Center, and Medical City McKinney are nearby. Shopping is close by at Eldorado Plaza.
Cypress Apartments have nine-foot ceilings, full-size washers and dryers and walk-in closets. Select units feature reclaimed wood accent walls, wood-burning fireplaces, built-in bookshelves and attached garages. Eighty-four percent of the floorplans have two or three bedrooms. The average unit size is 1,082 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.
