DALLAS–Institutional Property Advisors (IPA), adivision of Marcus & Millichap, has retainedthe exclusive listing to market for sale the VariantPortfolio, a 19-property, 6,681-unit,five-million-square-foot multifamily portfolio in Texas. Fifteen ofthe properties are located in Houston and four are in Dallas. Theprice is to be determined by the market.

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IPA executive director Will Balthrope andMarcus & Millichap senior vice presidents investmentsNorman Eastwood and Charles “Chico”LeClaire are representing the seller, SouthernCalifornia-based Variant Commercial RealEstate.

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“The Variant Portfolio providesinvestors with a large-scale opportunity to acquire a number oftrue 'value-add' assets in the strong Dallas and Houston markets,”said Balthrope.

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The Houston-area properties are: Broadmoor, 235units; Cranbrook Forest, 261 units; Crystal Springs, 191units; Las Palmas, 145 units, Maxey Village, 409 units; Oaksof Brittany, 223 units; Park Texas, 588 units; Pine Forest,161 units; Pines of Westbury, 940 units; Royal Oaks, 434 units;Sandpiper, 286 units; Vista Arbor Square, 320 units; Sandridge, 504units; The Pointe, 517 units; and Ashton Oaks, 520units.

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“The portfolio is a unique opportunity for ahigh-yield-oriented investor/operator to create value byrepositioning these assets through interior and exteriorrenovations,” said Eastwood.

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Dallas properties include Chesapeake, 127 units; MesaRidge, 220 units; Preston Valley, 310 units; and Holly Ridge, 290units.

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