DALLAS–Institutional Property Advisors (IPA), a division of Marcus & Millichap, has retained the exclusive listing to market for sale the Variant Portfolio, a 19-property, 6,681-unit, five-million-square-foot multifamily portfolio in Texas. Fifteen of the properties are located in Houston and four are in Dallas. The price is to be determined by the market.
IPA executive director Will Balthrope and Marcus & Millichap senior vice presidents investments Norman Eastwood and Charles “Chico” LeClaire are representing the seller, Southern California-based Variant Commercial Real Estate.
“The Variant Portfolio provides investors with a large-scale opportunity to acquire a number of true 'value-add' assets in the strong Dallas and Houston markets,” said Balthrope.
The Houston-area properties are: Broadmoor, 235 units; Cranbrook Forest, 261 units; Crystal Springs, 191 units; Las Palmas, 145 units, Maxey Village, 409 units; Oaks of Brittany, 223 units; Park Texas, 588 units; Pine Forest, 161 units; Pines of Westbury, 940 units; Royal Oaks, 434 units; Sandpiper, 286 units; Vista Arbor Square, 320 units; Sandridge, 504 units; The Pointe, 517 units; and Ashton Oaks, 520 units.
“The portfolio is a unique opportunity for a high-yield-oriented investor/operator to create value by repositioning these assets through interior and exterior renovations,” said Eastwood.
Dallas properties include Chesapeake, 127 units; Mesa Ridge, 220 units; Preston Valley, 310 units; and Holly Ridge, 290 units.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
