Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Stonebrook Village, a 216-unit multifamily asset in Frisco, Texas.
“A land use restrictive agreement that made 100% of Stonebrook Village’s units affordable expired in December 2024 with no decontrol period,” said Drew Kile, IPA executive managing director. “In 2015-2017, about 70% of the units received a light renovation, and the asset is poised for further upgrades to bring the interiors and common areas in line with the area’s Class A properties.” Kile and IPA’s Joey Tumminello, Taylor Hill, Michael Ware, and William Hubbard represented the seller, Strata Capital, and procured the buyer, Paskin Group.
Built in 1994 on nearly 14 acres, Stonebrook Village is a two-story garden-style community with a swimming pool, clubhouse, basketball court, and playground. Apartments have dining areas, washer and dryer connections, walk-in closets, and dishwashers. The average unit size is 899 square feet…