Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Eastpark, a 333-unit multifamily asset in the Rayzor Ranch mixed-use development in Denton, Texas.
“Located just north of Dallas, Denton is a top-performing market with the highest long-term average multifamily occupancy of all Dallas-Fort Worth submarkets,” said Drew Kile, IPA executive managing director. “In keeping with this trend, occupancy at Eastpark averaged 97%in the trailing 12 months with no concessions during the marketing period.” Kile and IPA’s Michael Ware, Joey Tumminello, Taylor Hill, Cameron Purse and Will Balthrope represented the seller and procured the buyer, an affiliate of Kansas City-based Price Brothers.
Rayzor Ranch Town Center, a mixed-use retail and entertainment power center is within walking distance and Rayzor Ranch Park is across the street. Denton’s major employers include Peterbilt Motors Co., Texas Health Presbyterian Hospital Denton, Sally Beauty Holdings, Medical City Denton, and Safran Electrical & Power.
Built in 2022 on 11 acres, Eastpark provides residents with a resort-style pool with cascading water features, breezeway storage units, parcel package lockers, covered parking, and detached garages. Residents have a choice of six interior finishes and units have oval garden soaking tubs and washer and dryer connections. Select units have 12-foot ceilings with transom windows, stainless steel appliance packages, and quartz countertops.
“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.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
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.
