Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Biltmore, a 186-unit multifamily property in Arlington, Texas.
“Located in North Arlington, the property has received significant capital improvements to give it a fresh, modern look and leaving minimal deferred maintenance,” said Michael Ware, IPAsenior managing director. “With fewer than 40% of the units renovated, new ownership can immediately capitalize on upside through continued upgrades.”
The property is located at the Interstate 30/State Highway 360 interchange, adjacent to the Texas Rangers Golf Club, close to the Viridian neighborhood and the Arlington Entertainment District, home to Texas Live!, Cowboys Stadium, and Globe Life Field. A Whole Foods grocery store and restaurants are within walking distance. Nearby employers include General Motors, the University of Texas at Arlington, Poly-America, and Lockheed Martin.
The Biltmore is a two-story garden-style asset built in 1978. The property has a swimming pool, a fully renovated clubhouse, fitness center, and community courtyards. Apartments have a private balcony or patio, walk-in closets and central air conditioning and heating. The average unit size is 765 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.
