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Institutional Property Advisors Closes Five-Property Texas Multifamily Sale
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Marcus & Millichap (NYSE: MMI) announced the sale of the 1,437-unit Royalton Portfolio, consisting of five newly constructed multifamily properties in the Dallas-Fort Worth and Austin areas. The properties are praised for their exceptional leasing velocity and market-leading positions. The transaction marks a significant increase in sales activity, with the highest transaction velocity in the Metroplex since 2018. Notably, over 60,000 new residents are expected to move to Austin by year-end, indicating strong prospects for continued growth.
Positive
Sale of 1,437-unit Royalton Portfolio indicates strong demand in multifamily sector.
Exceptional leasing velocity reported for all five properties.
Transaction marks highest sales activity in Metroplex since 2018, enhancing market confidence.
Projected influx of over 60,000 new residents to Austin suggests ongoing market growth.
Negative
None.
DALLAS--(BUSINESS WIRE)--
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced the sale of 1,437-unit, five-property Royalton Portfolio. Four properties are in the Dallas-Fort Worth metro area and one is in suburban Austin.
“All five properties are newly constructed assets in high-growth, suburban locations,” said Drew Kile, IPA senior managing director. “They are all market-leading assets within their submarkets and all experienced exceptional leasing velocity.” Kile and IPA’s Joey Tumminello, Will Balthrope, Jordan Featherston, Michael Ware, Taylor Hill, Kent Myers, Asher Hall, Grant Raymond, and Jeffrey Kindorf represented the seller, SWBC Real Estate. The team also procured the buyers, Lightbulb Capital Group, the family office of Jay Schuminsky, purchaser of the Metroplex assets and Brixton Capital, which acquired the Austin-area property. “Class A asset sales like these drove the highest transaction velocity since 2018 in the Metroplex last year, and more market-leading apartments traded hands in 2021 than in the past 20 years,” added Tumminello.
The Royalton Portfolio properties are:
The Royalton at Grand Prairie, 300 units built in 2021, Grand Prairie
The Royalton at Craig Ranch, 271 units built in 2021, McKinney
Central Park at Craig Ranch, 271 units built in 2019, McKinney
The Royalton at Rockwall Downes, 295 units built in 2021, Rockwall
The Royalton at Sunfield, 300 units built in 2021, Buda
“Austin’s multifamily marketplace continues to be a strong draw for multifamily investors, and with over 60,000 new residents projected to move to the city by the end of the year, prospects for continued growth are excellent,” said Balthrope. “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.”
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), 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. For more information, please visit www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 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 clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
What is the Royalton Portfolio sold by Marcus & Millichap (NYSE: MMI)?
The Royalton Portfolio consists of five newly constructed properties with a total of 1,437 units located in the Dallas-Fort Worth and Austin areas.
Who represented the seller in the Royalton Portfolio sale?
The seller, SWBC Real Estate, was represented by IPA's team including Drew Kile, Joey Tumminello, and others.
What significant market trend was noted in the press release regarding Austin?
The press release highlighted that over 60,000 new residents are projected to move to Austin by the end of the year, signifying strong growth prospects.
When did the Royalton Portfolio transaction occur?
The transaction details were announced in the press release but did not specify an exact date for the sale.
How many units are in the Royalton Portfolio?
The Royalton Portfolio contains 1,437 units across five properties.
