Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cross Creek at Grapevine Ranch, a 392-unit multifamily property 20 miles from Downtown Dallas and Downtown Fort Worth in Grapevine, Texas.
“Previous ownership completed a common area renovation program that leaves minimal deferred maintenance and lets new ownership focus capital on interior renovations,” said Drew Kile, IPA senior managing director. Kile and IPA’s Joey Tumminello and Will Balthrope represented the seller, a joint venture of an affiliate of The Carlyle Group and VCT Capital Partners, and procured a private buyer. “The property benefits from exceptional submarket demographics, including median annual household income within a three-mile radius of $92,000,” added Tumminello.
Cross Creek at Grapevine Ranch is located in the center of the Dallas-Fort Worth Metroplex along Highway 121, close to Dallas-Fort Worth International Airport and Grapevine Mills Mall. Completed in 1999 on 35 acres, the property has a resort-style swimming pool, an indoor basketball court, a two-story parking garage with boat parking and a business center. Apartments have nine-foot ceilings, hardwood floors and views of the Grapevine Golf Course.
“Having one team that covers all the major markets in Texas gives IPA a unique ability to provide investors with acquisition opportunities throughout the state that fulfill their specific investment prerequisites,” said Balthrope.