Institutional Property Advisors, a division of Marcus & Millichap, announced 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.
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.
Institutional Property Advisors (IPA) is 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.
Marcus & Millichap, Inc. (
