Institutional Property Advisors Brokers Sale of 372-Unit Multifamily Development

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Somerset, a 372-unit multifamily asset in Lewisville, Texas. IPA’s Drew Kile, Joey Tumminello, Will Balthrope, and Asher Hall worked with Marcus & Millichap’s Bard Hoover and Nick Fluellen on the deal. The apartment complex, spanning 284,530 square feet across a 15.5-acre footprint, is located on the southeast corner of Corporate Drive and Highway 121, six miles from Dallas-Fort Worth International Airport and 10 miles from Dallas. The average unit size at the development is 765 square feet. The property’s location gives residents immediate proximity to employers in the Waters Ridge Business Park and Lake Vista Office Center and retail is close by at Lakepointe Towne Crossing, Vista Ridge Village, Vista Ridge Plaza and Music City Mall Lewisville. Community amenities include two pool areas, a pool cabana, covered parking, and a fully furnished guest suite.