Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Encore at Buckingham, a 242-unit apartment property for seniors aged 55-plus in Richardson, Texas. Justin Knapp and Nick Stahler of IPA Seniors Housing partnered with the IPA Texas Multifamily team bringing a diverse buyer pool of Multifamily and Seniors Housing buyers to the table all while expertly navigating the process to close.
“Strong demand for seniors housing in North Dallas is underscored by the property’s exceptional historical performance, such as average occupancy over 98% in the past year,” said Drew Kile IPA executive managing director.
Accessible from U.S. Route 75, the property is a mile from the Richardson Core District, which includes Downtown Richardson and the city’s Interurban, Chinatown, Heights, and Lockwood neighborhoods. Richardson Restaurant Park and CityLine Market are nearby and the Stonebriar Mall is within a short drive.
Encore at Buckingham is a four-story garden-style asset with a resort-style swimming pool, heated spa, movie theater, elevators, and library. Built in 2001, the asset offers a value-add opportunity through the modernization of the interiors. The average unit size is 806 square feet.