MANSFIELD, Texas, June 18, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two multifamily assets in Mansfield, Texas: Villaggio, a 274-unit property completed in 2016, and Main Street Lofts, a 314-unit complex built in 2018.
“These two communities are centrally located in one of Dallas/Fort Worth’s top-performing high-growth submarkets,” said Will Balthrope, IPA executive director. “Employment in the Metroplex increased by 90,400 jobs in the last year, a 3.3% increase above the nation’s increase of 1.5%.” IPA’s Balthrope, Drew Kile, senior director, Joey Tumminello, director, and Grant Raymond, associate, represented the sellers and procured the buyers. Steadfast Companies purchased Villaggio from Carleton Residential Properties and M.R. Development, Corporation. Weinstein Properties acquired Main Street Lofts from The NRP Group.
“Mansfield is a growing business community centered on a variety of industries including electronics, telecommunications, chemical manufacturing, healthcare, and warehousing/logistics,” added Kile. “Texas Health Resources and Adventist Health System recently announced they are building a $150 million healthcare campus within five miles from Villaggio and four miles of Main Street Lofts.”
Employers near the properties include Mouser Electronics, Methodist Mansfield Medical Center, Klein Tools, and major retailers. Highway 360, which recently opened two new toll lanes, is two miles away. The new road enhancement gives residents at Villaggio and Main Street Lofts easy access to Lake Prairie Town Crossing, Grand Prairie Premium Outlets, Arlington Highlands, and The Parks at Arlington.
“The population in Mansfield has grown 137 percent since 2000, and there is virtually no additional multifamily-zoned land within Mansfield, which limits future competition,” noted Tumminello.