Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Arioso, a 288-unit multifamily property in Grand Prairie, Texas.
“Arioso’s location between Downtown Dallas and Downtown Fort Worth gives its residents proximity to major employment centers, and the property’s value-add potential provides the buyer with an exceptional opportunity to capitalize on one of the nation’s premier job growth markets,” said Drew Kile, IPA senior director. Kile, and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Asher Hall and Will Balthrope represented the seller, Hayman Company and Dome Equities, and procured the buyer, IMH Companies. “A formal enhancement program that addresses a variety of upgrade levels for apartment and townhome units could deliver significant premiums,” added Tumminello. “The townhomes are currently well occupied and have waitlists.”
Located at the intersection of Interstate 20 and State Highway 360, the property is within commuting distance of major employers such as Dallas-Fort Worth International Airport, American Airlines, DR Horton, Lockheed Martin, General Motors, and Bell Helicopter-Textron. The Great Southwest Industrial Park, with 83,000-plus employees is 1.25 miles away and retail and entertainment are close by at Great Southwest Crossing and the 172-acre EpicCentral park.
Built in 2007 on 13.5 acres, the three-story, garden-style property has limited-access gating, two resort-style pools, cold and hot spas and exterior storage units. Units have nine-foot ceilings, hardwood-style flooring and full-size washers and dryers. The average unit size is 976 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.
