Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of The Courtyard, a 123-unit apartment property in Garland, Texas.
“This 1983-built property has demonstrated operational resilience through being consistently stabilized and achieving rents above $1.80 per square foot,” said William Hubbard, IPA senior director. “The Courtyard also provides value-add runway for the buyer through unit upgrades and amenity creation.” Hubbard and IPA’s Michael Ware, Taylor Hill, Drew Kile, and Joey Tumminello represented the seller, Wedgewood. The buyer is National Asset Services.
Located near Interstate 635, the property is easily accessible from State Highway 190 and South State Highway 78. The CityLine mixed-use development in Richardson, the Telecom Corridor, and Firewheel Town Center are within five miles. Residents can walk to shopping, dining, and entertainment and there are two Dallas Area Rapid Transit stations within three miles.
“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.
