East Central Texas Apartment Complex Sale Brokered by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the sale of Springs at University Drive, a 216-unit multifamily property in Bryan, Texas. Will Balthrope, IPA executive director—along with Jennifer Campbell, Tommy Lovell III, Richard Robson and Will Griffin—represented the seller, Continental Properties. The team also 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 largest research universities in the United States, is less than five miles away. Built in 2017 on 13 acres, Springs at University Drive is a two-story garden-style community with attached and detached garages, an outdoor lounge and on-site car care area. Apartments have private entries and the average unit size is 980 square feet.