DALLAS, Jan. 27, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of four multifamily assets totaling 1,233 units in the Dallas/Fort Worth Metroplex. The transactions are end-of-the-year 2019 closings by Will Balthrope, IPA executive director and IPA’s Drew Kile, Joey Tumminello, and Grant Raymond. The properties are:
• The Asher, a 450-unit multifamily community built in Grapevine on a little over 19 acres in 2019. The immediate submarket has more than 20 million square feet of industrial space, including Amazon’s recently opened third fulfillment center in Coppell, less than two miles from The Asher.
• Hillstone River Walk, a 225-unit apartment complex in Flower Mound, 10 minutes from the DFW International Airport and near FM 2499 and Cross Timbers Road.
• Avilla Premier, a 122-home purpose-built single-family rental community in Plano, constructed in 2017 on just under 11 acres, one block from Highway 75 and near President George Bush Turnpike and Sam Rayburn Tollway.
• 2803 Riverside, a 436-unit multifamily community built in 1999 on nearly 55 acres in Grand Prairie. The property is equidistant from Dallas and Fort Worth, close to President George Bush Turnpike and the newly expanded State Highway 360. The new American Airlines Fort Worth headquarters is three miles from the property.