Institutional Property Advisors Brokers Multifamily Asset Sale in Suburban Dallas-Fort Worth
02 Agosto 2024 - 5:24PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Marlowe
Grapevine, a 324-unit multifamily asset in Grapevine, Texas.
“Marlowe Grapevine exhibited exceptional leasing velocity in a
submarket with limited multifamily supply and zoning that restricts
future development,” said Drew Kile, IPA executive managing
director. Kile and IPA’s Joey Tumminello, Michael Ware, Taylor
Hill, and Shelby Clark represented the sellers, Greystar and
Carlyle, and procured the buyer, Equity Residential.
The property is located off Texas State Highway 360, within a
short drive to historic Downtown Grapevine, Grapevine Towne Center
power center, and Cowboys Golf Club. The largest nearby employer is
the Dallas-Fort Worth International Airport, followed by Crandall
Campus in Fort Worth, home to American Airlines’ headquarters, and
Baylor Scott & White Medical Center – Grapevine. Recreation is
within proximity at Grapevine Lake and the Grapevine Trails.
Completed in 2023 on 15 acres, Marlowe Grapevine is a
three-story, garden-style asset. Community amenities include an
outdoor fitness center, resort-style swimming pool, private
garages, and a jogging trail. Apartments have 10-foot ceilings,
garden tubs, dishwashers, washers and dryers. The average unit size
is 940 square feet.
“IPA in Texas provides commercial real estate investors with a
large inventory of high-quality multifamily investment
opportunities in every market,” said Will Balthrope, IPA executive
director. “We offer local market research and sales expertise in
Dallas-Fort Worth, Houston, Austin, and San Antonio.”
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage
firm specializing in commercial real estate investment sales,
financing, research and advisory services. As of December 31, 2023,
the Company had 1,783 investment sales and financing professionals
in over 80 offices who provide investment brokerage and financing
services to sellers and buyers of commercial real estate. The
Company also offers market research, consulting and advisory
services to our clients. Marcus & Millichap closed 7,546
transactions in 2023, with a sales volume of approximately $43.6
billion. For additional information, please visit
www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240802715384/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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