GRAND PRAIRIE, Texas, Oct. — 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Destino, a 192-unit apartment property in Grand Prairie, Texas.
“Dallas/Fort Worth, the nation’s fourth-largest metropolitan area, offers competitive advantages for businesses, and consequently multifamily assets in Grand Prairie have historically experienced exceptional occupancy and rent growth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello, Grant Raymond, Asher Hall, and Al Silva, senior managing director in Marcus & Millichap’s Fort Worth office represented the seller, MBP Capital, and procured the buyer, represented by Capital Vision Management, LLC. “The Destino has achieved strong revenue growth in the trailing 12 months through improved operations and the implementation of a value-add program,” added Tumminello.
The Destino is 17 miles from the Dallas/Fort Worth International Airport, and 20 miles from the Dallas and Fort Worth central business districts. The property is surrounded by major employers such as Lockheed Martin, General Motors, Poly-America, American Airlines, and the Great Southwest Industrial Park. The Arlington Entertainment District, Texas Live!, Globe Life Park, AT&T Stadium, Six Flags, and Lone Star Park are all nearby. “Optimally located in the epicenter of the Metroplex, The Destino gives the new owner an opportunity to continue the proven success of the interior upgrade program begun by previous ownership,” commented Silva. Built in 2000 on 11 acres, the three-story, garden-style community has covered parking, detached garages and a resort-style pool, among other amenities. “We cover every major metro in Texas with one team of investment professionals,” added Balthrope. “Our unified approach to multifamily investment sales throughout the state contributed greatly to the success of this transaction.”