IPA Brokers Metroplex Multifamily Asset Sale
GRAND PRAIRIE, Texas, June 22, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Villas Central Park, a 249-unit multifamily property in Grand Prairie, Texas.
“Villas at Central Park achieved stabilization within an impressive timeframe and will continue to attract a steady stream of new tenants,” says Will Balthrope, IPA executive director. Balthrope, Drew Kile, IPA senior director, and Joey Tumminello, IPA director, represented the sellers, Texas-based Carleton Residential Properties and M.R. Development, and procured the buyer, Virginia-based Weinstein Properties.
“The property greatly benefits from a recently opened IKEA that serves as an anchor for retail growth in the surrounding submarket,” adds Kile.
Constructed in 2016, Villas Central Park is minutes from the President George Bush Turnpike and the newly expanded State Highway 360 in Grand Prairie. The community is nine miles from Dallas/Fort Worth International Airport, 16 miles from Fort Worth’s central business district and 14 miles from downtown Dallas. Nearby employers include Lockheed Martin Missiles and Fire Control, General Motors, Bell Helicopter Textron Inc., and Poly-America. Shopping malls within a short drive are Grand Prairie Premium Outlets, Arlington Highlands and The Parks Mall at Arlington. Villas Central Park provides residents with an extensive list of amenities, including a resort-style pool, a dog park with pet-washing stations, and attached and detached garages.
“Villas at Central Park reached stabilization in seven months without offering concessions,” Tumminello concludes. “The lack of supply and employment growth in the immediate area add to the asset’s attractiveness and will support sustainable revenue growth for years to come.”