Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Monterra Village, a 550-unit multifamily property in Fort Worth, Texas.
“Monterra Village gives the buyer an opportunity to implement a first-generation value-add program by upgrading the vast majority of the apartment interiors,” said Drew Kile, IPA executive managing director. Kile and IPA’s Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse, and William Hubbard represented the seller, Hillwood Multifamily, and procured the buyer, Weidner Apartment Homes.
Alliance Town Center has over 1 million square feet of retail, restaurant, and office space, including two hospital campuses, FAA’s Southwest Regional Office, a new H-E-B grocer, and many shopping, dining, entertainment, and recreational amenities. The AllianceTexas development is home to over 575 corporations that support more than 66,000 jobs, all within a short commute of Monterra Village. Residents benefit from direct access to Interstate 35W, which provides access to Downtown Fort Worth.
Monterra Village was constructed in two phases on 35 acres in 2008 and 2013. The two- and three-story garden-style property has a resort-style lagoon, lap pools with water features, and pocket parks. Apartments have nine-to-17-foot ceilings, hardwood-style plank flooring, and ceramic tiles. The average unit size is 985 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 Will Balthrope, IPA executive managing director.
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.
