BEDFORD, TX – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of The Creek on Park Place, a 220-unit apartment complex in the Mid-Cities area between Dallas and Fort Worth. The terms of the sale were not released.
IPA executive director Will Balthrope, IPA associate director Drew Kile, Marcus & Millichap vice president investments Nick Fluellen and associate Bard Hoover advised the seller.
The buyer, a 1031-exchange investor from the West Coast, sold an apartment property in California with Marcus & Millichap senior associate Joshua Luchs and associate Joshua Ross and reinvested the proceeds in the Texas market.
Brian Adams, an associate director of IPA Capital Markets in Dallas arranged the financing.
“More than $2.1 million in renovations and improvements during the last 24 months have transformed The Creek on Park Place into one of the premier properties in the submarket,” says Balthrope. “Additional opportunities to add value exist through the implementation of a water conservation program and the continuation of the unit upgrades.”
“The renovations were completed with efficiency and long-term sustainability in mind, lowering make-ready and maintenance expenses for the foreseeable future,” adds Kile.
“IPA Capital Markets arranged a permanent nonrecourse debt structure through an agency lender to meet the client’s long term financing objectives,” says Adams.
The apartment complex is located at 2001 Park Place Blvd. in Bedford, Texas near the intersection of state highways 121 and 183, less than one mile from Texas Health Harris Methodist Hospital and less than six miles from the Dallas/Fort Worth International Airport.
Built in 1980, the Creek on Park Place is situated on nearly 12 acres in a park-like setting with mature trees and a natural creek channel. The new interior finishes include gourmet kitchens with contemporary glass backsplashes, stained and resurfaced cabinetry, black-on-black appliances, faux granite-style countertops, brushed nickel hardware and fixtures, gooseneck faucets, upgraded lighting, ceiling fans, two-inch blinds, walk-in closets and wood-plank flooring.
Community amenities include a swimming pool with a custom outdoor pool kitchen, a dog park and playground, fitness center, business center, laundry facility and outdoor seating areas with barbecue grills.