“The Metroplex’s robust employment and population growth continues to draw investors,” said Will Balthrope, IPA executive managing director. “Multifamily properties along the 183 Corridor such as The Flats at 901 are in high demand.” Balthrope, Drew Kile, IPA senior managing director, and Joey Tumminello, IPA director, represented the seller, The NRP Group, and procured the buyer, Weinstein Properties. “Our high activity level in the Mid-Cites region on behalf of clients keeps us at the forefront of the market,” commented Kile. “Corporate relocations and expansions will continue, and an inflow of new residents is expected.”
The property is near major roadways, including Texas State Highways 360, 183 and 121. The North East Mall, Southlake Town Square, and Grapevine Mills shopping centers are nearby and AT&T Stadium, home of the National Football League’s Dallas Cowboys is approximately seven miles away. Major employers in the Dallas/Fort Worth area include American Airlines, Bank of America, Texas Health Resources, the Baylor Health System and Lockheed Martin Aeronautics Co., among many others.
“In the past 12 months, our team has facilitated the sale of 18 Class A multifamily assets in Tarrant County valued at more than $700 million,” noted Tumminello.
The Flats at 901’s luxurious community amenities include a resort-style pool with tanning ledge, a poolside courtyard with an outdoor kitchen and an outdoor yard game area, pet agility space, and state-of-the-art fitness center. Interiors have high-quality finishes, stainless-steel appliances, white quartz countertops, faux-wood plank flooring, and washers and dryers.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.