Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Bryan Multifamily Draws Multiple Bids
Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Springs at University Drive, a 216-unit multifamily property in Bryan. An IPA team of executive director Will Balthrope, Jennifer Campbell, Tommy Lovell III, Richard Robson, and Will Griffin represented the seller, Continental Properties, and procured the buyer, CEG Multifamily.
“Bryan/College Station was an attractive market to launch in, even during the COVID environment, as the area’s high in-place yields attract a large number of buyers,” said Balthrope.
“Additionally, Continental delivered a unique low-density product that was popular with investors,” added Campbell. “We presented 13 competitive offers, which is what we would have expected pre-COVID.”
The property’s location on University Drive near State Highway 6 gives residents access to a growing number of major employers. Texas A&M University, one of the nation’s largest research universities, is less than five miles away.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
