Multifamily properties in Texas continue to look good for investors, particularly those unfazed by value-add. IPA, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, sold a 21-property multifamily portfolio with nearly 6,000 units across Texas, Georgia, Maryland, South Carolina and Virginia. Texas properties make up the bulk of the deal with 17 properties in Dallas and Houston.
The portfolio includes four Dallas properties, 13 in Houston, and one each in Georgia, Maryland, South Carolina and Virginia. Each asset was built between 1969 and 1982, and all have interior and exterior value-add potential.
Buyers seeking value-add multifamily opportunities in Texas were happy with this offering of bulk properties in the high-growth markets of Houston and Dallas, according to IPA executive director Will Balthrope.
Will, Marcus & Millichap SVP Norman Eastwood, IPA senior director Drew Kile and IPA associate director Jennifer Campbell repped the seller.
The buyers were an institutional group, which purchased a small subset of the original portfolio, and several private investors. Marcus & Millichap associate Kurt McGarry also repped the buyers and seller.
Marcus & Millichap's broker of record is Tim Speck in Texas, Michael Fasano in Georgia, Bryn Merrey in Maryland and Virginia, and Raj Ravi in South Carolina.
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