Institutional Property Advisors, a division of Marcus & Millichap, announced the sale and financing of Copperfield, a 323-unit multifamily property in Fort Worth, Texas.
“Copperfield is a value-add asset located in Southwest Fort Worth, an area that has some of the best growth forecasts in Tarrant County,” said Michael Ware IPA senior managing director. “Previous ownership upgraded approximately 30% of the units and the new owner can continue the value-add program to fully capitalize on the rent growth opportunity,” said Taylor Hill, IPA senior managing director. Ware, Hill and IPA’s Drew Kile, Joey Tumminello, Will Balthrope, William Hubbard and Cameron Purse represented the seller, MLG Capital, and procured the buyer, Rise48 Equity. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk of IPA Capital Markets arranged three years of adjustable-rate financing.
The property’s location near Chisholm Trail Parkway and Interstate 20 gives residents access to Fort Worth’s major employers and retail centers in Downtown Fort Worth. The Near Southside Medical District, Lockheed Martin, and Texas Christian University are nearby.
“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.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
