Multifamily Asset Sale
DENTON, Texas, Oct. 2, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Eastpark, a 333-unit multifamily asset in the Rayzor Ranch mixed-use development in Denton, Texas.
“Denton is a top-performing market with the highest long-term average multifamily occupancy of all Dallas-Fort Worth submarkets,” said Drew Kile, IPA executive managing director. “In keeping with this trend, occupancy at Eastpark averaged 97% in the trailing 12 months with no concessions during the marketing period.” Kile and IPA’s Michael Ware, Joey Tumminello, Taylor Hill, Cameron Purse and Will Balthrope represented the seller and procured the buyer, an affiliate of Kansas City-based Price Brothers.
The three-story garden-style property is easily accessible from U.S. Route 380 and Interstate 35, close to the University of North Texas and Texas Woman’s University. Rayzor Ranch Town Center, a mixed-use retail and entertainment power center is within walking distance and Rayzor Ranch Park is across the street. Denton’s major employers include Peterbilt Motors Co., Texas Health Presbyterian Hospital Denton, Sally Beauty Holdings, Medical City Denton, and Safran Electrical & Power.
Built in 2022 on 11 acres, Eastpark provides residents with a resort-style pool with cascading water features, breezeway storage units, parcel package lockers, covered parking, and detached garages. Residents have a choice of six interior finishes and units have oval garden soaking tubs and washer and dryer connections. Select units have 12-foot ceilings with transom windows, stainless steel appliance packages, and quartz countertops.
“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,” said Balthrope.
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
