Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Livano Canyon Falls, a 300-unit apartment property within the Canyon Falls master-planned community in Northlake, Texas.
Kile and IPA’s Michael Ware, Joey Tumminello, Taylor Hill, and Shelby Clark represented the seller, Northlake Residence LLC, and procured the buyer, an affiliate of Harbor Group International LLC. Brian Eisendrath, Cameron Chalfant, Harry Krieger, and Tyler Johnson of IPA Capital Markets arranged acquisition financing.
The property is five miles from the corporate and mixed-use development Circle T Ranch, home to the global headquarters of Charles Schwab, and Deloitte University. Fidelity Investments’ Southwest regional headquarters and the 27,000-acre master-planned AllianceTexas mixed-use development, which has 575 companies employing more than 66,000 people are nearby.
Livano Canyon Falls is a three-story, garden-style property with a resort-style swimming pool and sundeck, fishing ponds, a workplace with private offices and conference rooms, and a mailroom. All units have high ceilings, full-size washers and dryers and a private balcony or patio. The average unit size is 1,015 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.
