Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced Nov. 12 the sale of Heritage Park, a 204-unit apartment asset in Arlington, Texas.
“Previous ownership recently completed unit and community upgrades, leaving minimal deferred maintenance for the new owner,” said Drew Kile, IPA senior managing director. “Additionally, several other income strategies were implemented that have resulted in significantly increased income.”
Kile, IPA’s Will Balthrope, Joey Tumminello and Grant Raymond, in collaboration with Marcus & Millichap’s Bard Hoover and Nick Fluellen represented the seller, American Landmark, and procured the buyer, WAK Management Company. “Heritage Park provides the buyer with an excellent continued value-add opportunity in a central Metroplex location,” commented Tumminello. “As part of our marketing process, we outlined a detailed plan to increase revenue based on successful strategies implemented by comparable properties in the area,” added Hoover.
Built in 1983 on seven acres, the three-story garden-style property’s recent upgrades include a 24-hour fitness center, an updated swimming pool, outdoor kitchen and grill, a new dog park, renovated clubhouse and leasing center. Select apartments have wood-burning fireplaces.