Institutional Property Advisors Brokers Sale of 288-Unit Red Oak Apartment Community

Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Ovilla at Legacy Square, a 288-unit apartment complex in Red Oak, a southern suburb of Dallas. The property sits on 18 acres and was completed in 2023.

The community offers one-, two- and three-bedroom floor plans ranging from roughly 600 to 1,351 square feet. Shared amenities include a swimming pool, clubhouse, outdoor grilling and dining areas, and a dog park. The property was about 95 percent occupied at the time of sale.

IPA brokers Michael Ware, Joey Tumminello, Drew Kile and Taylor Hill represented the seller, a partnership between Thompson Realty Capital and Trez Capital. The same team also secured the buyer, Fogelman Properties, which intends to fund capital improvements at the site.

For investors and lenders, the deal shows continued institutional demand for stabilized, newer suburban multifamily assets in the Dallas area, with a buyer planning value-add upgrades.