Institutional Property Advisors Brokers Sale of 216-Unit Summit Ridge Multifamily Property in Temple, Texas
TEMPLE, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Summit Ridge, a 216-unit multifamily real estate asset in Temple, Texas. The buyer was identified as Ilan Investments LLC, while the seller was a private investor. Financial terms of the transaction were not disclosed.
Summit Ridge Real Estate Acquisition Draws Competitive Bidding
The marketing process for the Summit Ridge transaction generated significant investor interest, according to IPA. Will Balthrope, IPA executive managing director, represented the seller alongside Tommy Lovell III and Richard Robson of Marcus & Millichap. The team also procured the buyer.
"Our marketing process generated a dozen competitive offers, multiple tours, and numerous offers with nonrefundable deposits," Balthrope said. "Previous ownership invested considerably to keep the property competitive, including completely rebuilding the pool and adding a dog park."
Tommy Lovell III noted that buyer demand centered on well-maintained, operationally sound properties. "Buyers were looking for a stable, well-managed property with long-term ownership that didn't cut corners on maintenance," Lovell said. "The new owners can position the property as the best-in-class B property with renovated units while undercutting the newer vintage properties on rent."
Property Overview: Summit Ridge in Temple, TX
Summit Ridge is a two-story, garden-style multifamily community featuring a clubhouse, business center, fitness center, and laundry facilities. Individual apartment units include all-electric kitchens, hardwood floors, dishwashers, and walk-in closets, with an average unit size of 956 square feet.
The property's location near Interstate 35 and Texas State Highway Loop 363 provides residents with access to employment centers in Austin, Round Rock, Waco, and Georgetown. Baylor Scott & White Health, Temple's largest employer, operates a medical center complex near the property. The McLane Company's global headquarters is also in the vicinity, along with Temple College and the Bird Crossing shopping mall.
The prior owner's capital improvements — including a rebuilt pool and the addition of a dog park — were cited by the brokerage team as factors that helped sustain the property's competitiveness in the local rental market.
IPA's Texas Multifamily Platform
Institutional Property Advisors provides acquisition and disposition services for multifamily investors across Texas. The firm operates in major Texas markets including Dallas-Fort Worth, Houston, Austin, and San Antonio.
"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," Balthrope said.
IPA describes its platform as combining real estate investment and capital markets expertise with proprietary research to offer customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios.