Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Grand Riviera, a 206-unit multifamily property in Irving, Texas.
“Built in 1972, more than half of Grand Riviera’s units have received various levels of upgrades, leaving significant value-add upside for new ownership,” said Michael Ware, IPA senior managing director. Ware and IPA’s Taylor Hill, Drew Kile, Joey Tumminello, and William Hubbard represented the seller, Eagle Property Capital, and procured the buyer, Lone Star Capital.
The property is between two of the metro’s largest employment centers, Dallas Fort Worth International Airport and the Las Colinas Urban Center, which has the most corporate headquarters per capita in the United States, 33 million square feet of office space, and a daytime population over 200,000. Entertainment and retail are close by at Water Street and Toyota Music Factory.
Grand Riviera is a two-story garden-style asset with two swimming pools, a clubhouse, dog park and a picnic area with grills. The average unit size is 1,113 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 Will Balthrope, IPA executive director.
