Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Bridgepoint Apartments, a 200-unit apartment asset in Waxahachie, Texas.
“Job growth in Dallas-Fort Worth has spurred economic growth in Waxahachie, driving an increase in population since 2010 of 42%,” said Taylor Hill, IPA senior managing director. “The influx of new businesses and development includes the sale of a 120-acre plot slated for a high-profile mixed-use development two miles from Bridgepoint Apartments.” Hill and IPA’s Michael Ware, Drew Kile, Joey Tumminello, and William Hubbard represented the seller, Peak Capital Partners, and procured the California-based buyer.
The property is less than 25 miles from Downtown Dallas via Interstate 35E, and minutes from the Historic Downtown District of Waxahachie. Major employers in Waxahachie are Baylor Scott & White Medical Center, the Waxahachie Independent School District, and Dart Container Corp. Shopping and dining are close by at the Waxahachie Towne Center shopping mall and Navarro College is within easy commuting distance.
Built in 1986 on 11 acres, Bridgepoint Apartments’ community amenities include a resort-style swimming pool, laundry facilities, a fitness center and covered parking. Apartments have vaulted ceilings, linen closets, washer and dryer connections, and a patio or balcony. The average unit size 757 is 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.
