Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Audrey, a 211-unit apartment property in Mansfield, Texas.
“High demand for newly built, luxury multifamily assets in central Metroplex locations was demonstrated by The Audrey’s rapid lease-up and stabilization,” said Drew Kile, IPA executive managing director. Kile and IPA’s Joey Tumminello, Taylor Hill, Michael Ware, Jeff Kindorf and Will Balthrope represented the sellers, Carleton Companies and M.R. Development, and procured the buyers, RPM and a fund managed by Roseview Investment Advisors.
Completed in 2021, the property is just off State Highway 360 and U.S. Route 287, which connect residents to the Mid-Cities and Downtown Fort Worth. Mansfield’s major employers include Mouser Electronics, Methodist Mansfield Medical Center, and Klein Tools. Texas Health Resources and Adventist Health System recently opened a 38-acre healthcare campus less than a mile away.
The Audrey is a three-story garden-style property with a resort-style pool, entertainment areas, on-site dry-cleaning services, 24-hour parcel concierge and a Bocce ball court. Apartments have nine-foot ceilings, full-size washers and dryers, and garden-style soaking tubs. The average unit size is 923 square feet.
“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
