Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cortland Riverside, a 374-unit multifamily property in Fort Worth, Texas.
“Built in 2020, the property is a fully stabilized asset with golf course views and designer finishes that has recently averaged 95% occupancy,” said Drew Kile, IPA executive managing director. Kile and IPA’s Michael Ware, Taylor Hill, Joey Tumminello, and Shelby Clark arranged the sale on behalf of the principals.
Cortland Riverside is located at the intersection of Interstate 35W and Loop 820, adjacent to the Golf Club at Fossil Creek, five miles from Fort Worth’s central business district and AllianceTexas. Mercantile Center and the Fossil Creek Business Park are within a mile of the community. Shopping and entertainment are nearby at Presidio Town Crossing and the Fort Worth Stockyards.
“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.
