FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen in Fort Worth. IPA’s Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope represented the seller, Hamilton Zanze, and procured the buyer, Pegasus Real Estate. The 240-unit property was built in 2015, and, according to Tumminello, has averaged 95 percent occupancy and 9 percent effective rent growth since then. Tumminello also says the new owner has value-add opportunities via interior unit upgrades.
The five-story, controlled-access complex has a resort-style pool, skyline views and barbecue and picnic areas. Apartments have wood-style flooring, garden tubs and linen closets. Some units have private patios or balconies and full-size washers and dryers. The average unit size is 886 square feet.