Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Springs at Grand Prairie, a 276-unit multifamily property in Grand Prairie, Texas.
“The acquisition gives the buyer an opportunity to implement some proven improvements on 68% of the units,” said Joey Tumminello, IPA senior managing director. Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, and Cameron Purse represented the seller, Continental Properties, and procured the buyer. Brian Eisendrath, Cameron Chalfant, and Harry Krieger of IPA Capital Markets arranged acquisition financing. “We closed the loan seamlessly within 30 days thanks to the efficiency and expertise of buyer and lender and we’re thrilled to have been a part of our client’s successful return to the Dallas-Fort Worth multifamily market,” said Krieger.
Springs at Grand Prairie is located at the intersection of President George Bush Turnpike and Interstate 20, close to retail and entertainment at Epic Central and Epic Towne Crossing. The location provides residents with easy access to nearby major employment and entertainment drivers in the Mid-Cities region between Dallas and Fort Worth, such as the Arlington Entertainment District.
“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 managing director.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
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.
