IPA Arranges Sale of Multifamily Portfolio Totaling 2,048 Units in DFW
DALLAS AND FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of the Quality Estates Value-Add Portfolio, which features eight properties totaling 2,048 units in the Dallas-Fort Worth area. Four of the properties totaling 992 units are located in Fort Worth and two assets totaling 492 units are located in Garland. Communities in Grand Prairie and Arlington featuring 292 and 272 units, respectively, were also included in the portfolio. Will Balthrope, Drew Kile and Joey Tumminello of IPA, along with Al Silva and Ford Braly of Marcus & Millichap, represented the seller, a private investor based in Canada, in the transaction. Carl Pankratz of NorthMarq Capital and Jeremy Sain of HFF co-brokered acquisition financing through a life company for six of the properties on behalf of the buyer, Texas-based Exponential Property Group. The properties were built between 1977 and 1985 and held by a single owner/seller for nearly 30 years, on average.