Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Parkwood Terrace, a 144-unit multifamily asset in Round Rock, Texas. Terms of the transaction were not disclosed.
“The North Austin area continues to grow rapidly with new developments such as Apple’s $1 billion campus expansion, The District development, Indigo Ridge and the Kalahari Resort and Convention Center,” said Jordan Featherston, IPA senior associate.
Featherston, along with IPA executive director Will Balthrope, IPA senior managing director Drew Kile, IPA senior associate Drew Garza and Kent Myers, first vice president investments with Marcus & Millichap in Austin, represented the seller, James Pinheiro. The buyer is Langdon Street Capital.
“Five miles from Parkwood Terrace, Mark IV Capital and Gensler are working on a 65-acre office, residential, hospitality and retail project that will be the first of its kind in Round Rock,” said Myers.
Built in 2000, the property is 1.1 miles from Interstate 35, which provides access to major employment and retail centers throughout the greater Austin area. Major employers in Round Rock and nearby include Apple Inc., Baylor Scott & White, Dell, Hewlett-Packard and State Farm. The 350-acre Kalahari Resort and Convention Center, which will feature the largest indoor water park in the United States, is scheduled to open this fall less than three miles from Parkwood Terrace.
“IPA covers all the major metros in Texas, and we have long-term relationships with private and institutional buyers throughout the region,” said Balthrope. “Our ability to cover Texas with one team was an essential element in closing this transaction.”