Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Camden Cimarron, a 286-unit apartment property in the Valley Ranch master-planned community of Irving, Texas.
“The property is a 1990s vintage asset with an excellent performance history, including 96% occupancy during the past year,” said Joey Tumminello, IPA senior managing director. “With over 85% of units yet to be upgraded, the buyer can take advantage of a strong value-add opportunity.” Tumminello and IPA’s Michael Ware, Drew Kile, Taylor Hill, and Shelby Clark represented the seller and procured the buyer, Boston Capital Real Estate Partners (BCRE). BCRE purchased the asset on behalf of their fully discretionary value-add vehicle, BCRE Fund II.
The property is close to Dallas Fort Worth International Airport and the Cypress Waters and Las Colinas mixed-use developments. Nearby Interstate 35E, Interstate 635, and the President George Bush Turnpike connect residents to destinations throughout the Dallas-Fort Worth Metroplex. The Luna Vista Golf Course, Toyota Music Factory, and Sam Houston Trail Park are nearby.
Built in 1992 on over 11 acres, the property is a two- and three-story garden-style asset situated alongside the Campion Trail. Apartments have washers and dryers and a private patio or balcony. The average unit size is 772 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.
