RICHLAND HILLS, Texas, Aug 7, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Creek on Calloway, a 247-unit apartment complex in Richland Hills, Texas.
“Significant exterior and interior improvements made since 2013 have completely transformed this community,” said Will Balthrope, IPA executive managing director. Balthrope, Nick Fluellen, Marcus & Millichap senior managing director investments, Drew Kile, IPA senior managing director, Bard Hoover, Marcus & Millichap senior vice president investments, Joey Tumminello, IPA director and Giuseppe Thum, IPA associate, represented the seller, a private commercial real estate investment, management and development firm and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.
“Excellent upside remains for the new owner through further enhancement of the interiors, which will substantially boost income potential and provide even more competition for nearby Class A assets,” added Hoover. Originally constructed in 1979 on 14.5 acres, Creek on Calloway is less than 10 miles from Downtown Fort Worth. The North East Mall is within a mile of the property and Dallas/Fort Worth International Airport is 10 minutes away. One of Fort Worth’s top employers, Bell Helicopter Textron Inc., is nearby. “The dramatic interior renovations provide Creek on Calloway with an unmatched finish-out compared to neighboring properties of similar vintage,” commented Fluellen.