Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Park at San Marino, a 384-unit multifamily asset in Houston, Texas.
“Offered with 4.75% assumable agency financing with a low exit cost, the property is located in the Alief submarket, which was one of the top-ranked submarkets for effective rent growth in 2023,” said Greg Austin, IPA senior director. Greg Austin, IPA’s Travis Austin, Jackson Hart, Will Balthrope and Kyle Devillier of Marcus & Millichap represented the seller Woodbridge Crossing Property Holdings II LLC and procured the buyer, TPCG Park at San Marino, LLC. “With just two units having been renovated, The Park at San Marino gives the buyer a significant opportunity to add value,” added Travis Austin.
Built in 1984 in 13 acres, The Park at San Marino is a gated community with resort-style swimming pools, on-site laundry facilities, a 24-hour fitness gym, and monthly planned social activities. Apartments have breakfast bars, washer and dryer connections, and a patio or balcony. The average unit size is 852 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 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.
