IRVING, Texas, July 21, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of Asher Park and Rustic Ridge, two adjoining multifamily properties in Irving, Texas. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the seller, a privately owned Texas-based seller, and procured the buyer, Touro Company. The financing was secured by IPA’s Los Angeles-based Brian Eisendrath and Cameron Chalfant.
“Having long-term relationships with lenders that consistently deliver competitive terms and stand by their commitments is critical in this market,” said Eisendrath. “We pride ourselves on our strong relationships, and these two deals are prime benefactors. Even amid market volatility, the debt fund lender held its terms throughout the two-month process.”
Built in 1974 and 1972, respectively, Asher Park and Rustic Ridge have 524 residential units that provide a communal, family-friendly neighborhood environment. The properties have many luxury amenities, including a large, resort-style swimming pool with picnic area, expansive pergola, dog park and package center.
“The IPA investment sales team worked in lockstep with Brian, Cameron and the IPA capital markets team to keep all parties well informed throughout the sales process,” said Taylor Hill, IPA senior vice president. “It’s always crucial to provide clients with accurate information about circumstances that may affect a sale and having a combined in-house sales and financing team makes the process seamless and efficient.” IPA executive director Balthrope added: “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."