Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Sweetwater at Buckingham, a 312-unit multifamily asset in Richardson, Texas.
“The property is a 1990s vintage value-add asset,” said Drew Kile, IPA executive managing director. “Previous ownership implemented various levels of unit upgrades throughout the property, yet most of the units haven’t been fully upgraded. The new owner can capture immediate upside by continuing and expanding the unit enhancement program.”
The property feeds into the Richardson Independent School District and is just north of the Dallas College Richland Campus. Residents have easy access to Highway 75, Interstate 635 and convenient commutes to the city’s major employment centers, including Telecom Corridor, CityLine, Uptown/Downtown, and Platinum Corridor.
Sweetwater at Buckingham is a three-story garden-style property with a resort-style swimming pool, fitness center, business center, and playground. Apartments have nine-foot ceilings, walk-in closets, and garden-style soaking tubs. The average unit size is 889 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.
