Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Westmount at Forest Oaks, a 164-unit multifamily property in Arlington, Texas.
“Built in 1980 and located just south of the Viridian master-planned community, Westmount at Forest Oaks gives the buyer an opportunity to implement a comprehensive unit enhancement program across all units,” said William Hubbard, IPA first vice president. Hubbard, IPA’s Michael Ware, Taylor Hill, Drew Kile, and Joey Tumminello represented the seller, Westmount Realty Capital, and procured the buyer.
The property is located at the intersection of Highway 360 and Interstate 30 in North Arlington near the Arlington Entertainment District, home to TexasLive!, AT&T Stadium, Globe Life Field, and Great Southwest Industrial Park. Downtown Arlington and the University of Texas at Arlington are nearby and Downtown Fort Worth and Dallas are within a short drive.
Built in 1980, Westmount at Forest Oaks is a gated, two-story garden-style community with a swimming pool, playground, and fitness center. The unit mix is one- and two-bedroom apartments that average 736 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.
