Institutional Property Advisors, a division of Marcus & Millichap, announced today the sale and financing of Mustang Station, a 444-unit multifamily asset in Farmers Branch, Texas.
“The property is located within one of the highest performing submarkets in Dallas-Fort Worth,” said Drew Kile, IPA executive managing director. “In Q4 2022, Farmers Branch recorded 10.2% annual rent growth and averaged 95.2% occupancy.” Kile and IPA’s Joey Tumminello, Taylor Hill, Michael Ware, Jeff Kindorf and Will Balthrope represented the seller, Western Securities, and procured the buyer, RPM. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged acquisition financing.
Located adjacent to the Farmers Branch light rail station, which connects passengers to Love Field Airport and Victory Park, Mustang Station is within walking distance of 40,000 square feet of retail and dining. Nearby employers include Taco Bueno, Brinks Home, Scout & Cellar and SoftLayer Technologies Inc. Average annual household income in Farmer’s Branch is over $104,500 and the average home price is more than $375,000.
Built in two phases in 2015 and 2019 on 5.7 acres, the property provides residents with two 24-hour fitness centers, two swimming pools, a business center and reserved parking. The average unit size is 853 square feet.
