Institutional Property Advisors, a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, has arranged $52.3 million in financing for the construction of two build-to-rent (BTR) communities. The properties are Villas at Bardin in Grand Prairie, Texas and Ridgeline Vista Townhomes in Brighton, Colorado.
IPA’s Capital Markets team was led by Adam Mengacci, managing director in IPA’s Dallas office. Mengacci worked on behalf of Republic Property Group to secure and structure two bank loans and $10.4 million in preferred equity. Dallas-based Republic Property Group has been a leading visionary for housing communities with developments in excess of $7 billion in real estate across eight states.
“The BTR asset class has been the fastest-growing segment of the U.S. housing market, outpacing both the single-family home and multifamily housing sectors,” said Tony Ruggeri, Co-CEO of Republic Property Group. “Our decades of experience in the for-sale master-planned community space has forged our unique approach in the BTR space. The result is communities that live like neighborhoods, while offering an attainable alternative to for-sale homes.”
The projects include Villas at Bardin, which will be in in the Dallas Fort Worth metro area and Ridgeline Vista Townhomes in the Denver MSA. Both communities will feature a mix of unit types with nine-foot ceilings, quartz countertops, stainless-steel appliances, walk-in closets, open kitchens with tile backsplashes, and full-size washers and dryers. Amenities include two-car garages and fully maintained front yards.
“Build-to-rent has been an extremely successful alternative to traditional multifamily among renters of all ages,” said Mengacci. “Lenders and capital providers have taken notice and are willing to be competitive for experienced sponsors in strong markets, which was the case in this execution.”
Institutional Property Advisors (IPA) is 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.
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