GRAND PRAIRIE, Texas, Jan. 30, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Westmount at Colonnade, a 192-unit apartment complex in Grand Prairie, Texas.
“Grand Prairie’s strong average annual rent growth and high apartment occupancy make it one of Dallas/Fort Worth’s most resilient submarkets,” said Will Balthrope, IPA executive director. “The submarket’s growth has been fueled by an influx of major employment and retail drivers and highway expansion projects such as the Interstate 30/Highway 360 interchange project, which is the largest Proposition 1-funded project in the state.”
Balthrope, Drew Kile, IPA senior director, Al Silva, Marcus & Millichap senior managing director investments, Joey Tumminello, IPA director and Giuseppe Thum of IPA represented the seller, Westmount Realty Capital and procured the buyer, MBP Capital Inc.
“Previous ownership began a unit enhancement program and completed community amenity renovations and exterior upgrades,” added Silva. “Opportunity remains for new ownership to add value through completing the apartment enhancement program and upgrading the remaining units.”
Located less than 20 miles from both downtown Dallas and downtown Fort Worth, Westmount at Colonnade is just off Highway 360 and minutes from Interstate 30 and Interstate 20. AT&T Stadium, home of the Dallas Cowboys, is four miles from the property and a General Motors assembly plant is a mile away. “General Motors is currently expanding the Arlington plant by 1.2 million square feet and will add nearly 1,800 permanent jobs,” said Kile.