Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Belmond, a 312-unit multifamily property in Haltom City, Texas.
“Previous ownership implemented a comprehensive unit enhancement program on 56% of the property and the upgraded units are well occupied,” said Joey Tumminello, IPA senior managing director. Tumminello and IPA’s Taylor Hill, Drew Kile, Michael Ware, and William Hubbard represented the seller, Knightvest Capital, and procured the buyer, TwinkleStar Asset LLC.
Belmond is within a short commute of Fort Worth’s central business district, the 27,000-acre AllianceTexas master-planned community, and Dallas Fort Worth International Airport. The Fossil Creek Tech Center, Mercantile Center and BNSF Railway’s global headquarters are nearby, and retail and entertainment are within proximity at Presidio Town Crossing, Alliance Town Center, and the Fort Worth Stockyards historic district.
Upgraded units have built-in computer desks, oversized oval garden tubs, walk-in closets, and full-size washers and dryers. The average unit size is 980 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 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.
