Institutional Property Advisors Closes 428-Unit Multifamily Portfolio Sale in Greenville, Texas

GREENVILLE, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced March 23, 2026, the closing of the Greenville Value-Add Portfolio, a three-property, 428-unit multifamily portfolio in Greenville, Texas. The seller, Pardue Companies, was the original developer of all three properties and had self-managed the assets for nearly their entire lifespan.

Portfolio Overview and Property Details

The Greenville Value-Add Portfolio comprises three garden-style multifamily communities clustered within a one-mile radius along two of Greenville's primary transportation corridors — Highway 380 and Wesley Street. The properties are The Ridge Apartments, a 112-unit community built in 1985; Highland Terrace, a 172-unit property completed in 1978; and Stone Ridge Apartments, a 144-unit asset constructed between 1968 and 1983. All three are two-story communities offering swimming pools and clothes-care facilities.

Greenville is located approximately 40 miles northeast of Dallas, with a roughly 35-minute commute to McKinney and Allen. The properties sit adjacent to Hunt Regional Hospital and are near The Greenbelt, a 325-acre mixed-use development in the area.

Brokerage Team

IPA's William Hubbard, senior director of investments, led the brokerage team representing the seller. He was joined by IPA colleagues Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, and Jack Windham. The team also procured the buyer; the buyer's identity was not disclosed.

"Located only minutes away from each other, we put this portfolio on the market for the original developer, who owned and self-managed these assets for nearly their entire lifespan," Hubbard said. "This rare opportunity provides the buyer economies of scale as well as implement a first-generation value-add program."

No sale price, price per unit, cap rate, or financing details were disclosed in connection with the transaction.

Value-Add Strategy

The portfolio is positioned as a value-add opportunity. IPA described the renovation program as "first-generation," reflecting the properties' age. The geographic clustering of the three assets within a one-mile radius is expected to provide the incoming owner with operational efficiencies and economies of scale, according to IPA.

IPA's Texas Multifamily Platform

Will Balthrope, IPA executive managing director, noted the firm's broader 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.

IPA, as the institutional division of Marcus & Millichap, focuses on the acquisition, disposition, and financing of institutional-scale properties and portfolios.