Institutional Property Advisors Brokers Sale of 306-Unit Emerson at Red Oak for CESM Real Estate to Professional Equity Management
RED OAK, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has brokered the sale of Emerson at Red Oak, a 306-unit multifamily asset in Red Oak, Texas. The seller was CESM Real Estate, and the buyer was Professional Equity Management (PEM), IPA announced June 15, 2026.
Transaction Details and Brokerage Team
Joey Tumminello, IPA senior managing director investments, along with Michael Ware, Drew Kile, and Taylor Hill of Institutional Property Advisors represented CESM Real Estate in the disposition and procured Professional Equity Management as the buyer. Financial terms of the transaction were not disclosed.
Submarket Fundamentals
Red Oak is located approximately 10 miles south of Dallas within what IPA describes as one of the fastest-growing submarkets in the Dallas-Fort Worth Metroplex. The area sits at the center of the Southern DFW data center corridor, which has drawn more than $1.3 billion in technology investments from Google, Compass Datacenters, and DataBank, according to Tumminello.
"Located 10 miles south of Dallas in one of the fastest-growing submarkets in Dallas-Fort Worth, the property is in the center of the Southern DFW data center corridor, which has attracted over $1.3 billion in technology investments from Google, Compass Datacenters, and DataBank," Tumminello said. "Red Oak's population has grown 31% since 2020, the average value of a single-family home in the city is over $400,000, and average annual household income exceeds $119,000."
The property's location just off Red Oak Road provides residents with access to Interstate 35E, connecting to major employment centers throughout the Metroplex. Nearby employers include Gerdau, Target, Qarbon Aerospace, and Walgreens. The 70-acre Red Oak Legacy Square mixed-use development and Bombardier's advanced wing manufacturing facility are also in close proximity.
Property Overview: Emerson at Red Oak
Completed in 2023, Emerson at Red Oak is a two-story, townhome-style multifamily community. The property features a resort-style swimming pool, fitness center, picnic and grilling areas, a dog park, game room, and business center. Individual apartment homes include full-size washers and dryers, stainless-steel appliances, built-in mudrooms, large closets, and deep garden sinks. The average unit size is 904 square feet.
IPA's Texas Multifamily Platform
Will Balthrope, IPA executive director, commented on the firm's presence in the state. "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.
Institutional Property Advisors operates as a division of Marcus & Millichap focused on institutional clients, offering services spanning acquisition, disposition, and financing of institutional properties and portfolios.