IPA Sells Luxury Dallas/Fort Worth Multifamily Asset
Sep 14, 2016

EULESS, Texas, Sept. 14, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Avenue 900, a 300-unit apartment complex in Euless, Texas.

“The asset separates itself from the competition by delivering top-of-the-market amenities in a sought-after location,” says Will Balthrope, IPA executive director.

Balthrope, along with Drew Kile, IPA senior director and IPA associates Joey Tumminello and Rowan Burch, represented the seller and procured the buyer.

“Located in a high-growth area near the Dallas/Fort Worth International Airport, the property provides new ownership with a great opportunity for long-term stability and value-appreciation,” adds Kile.

The property is located 20 minutes from downtown Fort Worth and 25 minutes from downtown Dallas on the northwest corner of Highway 183 and Highway 360 in Euless. The new American Airlines headquarters, Irving Mall, Grapevine Mills shopping mall, Southlake Town Square, AT&T Stadium, and Globe Life Park are nearby. Major employers in the area include American Airlines, Odyssey Healthcare Inc., Allstate Corp. and Texas Health Springwood.

Avenue 900’s many luxury amenities include a “Vegas-style” swimming pool with a tanning ledge, a poolside outdoor kitchen, and a large fitness center featuring the latest workout equipment. Apartments average 1,009 square feet and offer high-end finishes such as custom granite countertops, subway-tile backsplashes and stainless-steel appliances.