Institutional Deal: 6,000 Apartment Units Sold

In Houston, IPA, a division of Marcus & Millichap, handled the sale of a 21-property apartment portfolio, including a 13 apartment complexes in Houston. The portfolio consists of 5,995 multifamily units in Texas, Georgia, Maryland, South Carolina and Virginia.

The properties were built between 1969 and 1982, and all have interior and exterior value-add potential.

“The 13-property Houston piece of this asset is significant,” said IPA’s Jennifer Campbell, who represented the seller. “It reflects the abundant interest and activity there as investors continue to show strong optimism for Houston’s long-term economic outlook.”

Institutional Property Advisors (IPA) said the buyers included an institutional group that purchased a small subset of the original portfolio and several private investors. IPA’s Will Balthrope, Norman Eastwood, Drew Kyle and Kurt McGarry of Marcus & Millichap’s Atlanta office, handled the sale.