Texas + Apartments | November 16, 2020

IPA Closes Value-Add Apartment Sale in Arlington

Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Heritage Park, a 204-unit, 1980s-vintage apartment asset in Arlington. Terms weren’t disclosed.

“Previous ownership recently completed unit and community upgrades, leaving minimal deferred maintenance for the new owner,” said Drew Kile, IPA senior managing director. “Additionally, several other income strategies were implemented that have resulted in significantly increased income.”

Kile, IPA’s Will Balthrope, Joey Tumminello and Grant Raymond, in collaboration with Marcus & Millichap’s Bard Hoover and Nick Fluellen represented the seller, American Landmark, and procured the buyer, WAK Management Company.
“Heritage Park provides the buyer with an excellent continued value-add opportunity in a central Metroplex location,” said Tumminello.

“As part of our marketing process, we outlined a detailed plan to increase revenue based on successful strategies implemented by comparable properties in the area,” Hoover added.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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