Institutional Property Advisors Closes Dallas-Fort Worth Multifamily Asset Sale
HALTOM CITY, Texas, Nov. 19, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Grand on Beach, a 304-unit apartment complex in Haltom City, Texas.
“The Haltom City-Meacham submarket continues to be one of the most stable in Dallas-Fort Worth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners. “This asset was one of the first new-construction buildings delivered since the interstate expansion was completed,” added Tumminello. “We brought in a first-time local buyer who understands the long-term value of owning in this submarket.”
Located five miles north of Fort Worth, The Grand on Beach was built in 2019 on 15 acres. The 820 Exchange, a 1 million-square-foot business park is a half-mile away. Major businesses in the area include BNSF Railway, American Airlines, Bell Helicopter, Acme Brick, Pier 1, TPG Capital, Renfro Foods, Dannon, Rahr & Sons Brewing Co., and Fresnel Technologies. Downtown Fort Worth has over 13 million square feet of office space and is home to more than 30,000 companies. The property has controlled entry access gates, a native-plant landscape design, a hammock garden and a resort-style swimming pool, among other shared amenities. Apartments average 818 square feet in size and have private patios and balconies. Select units have pet yards.
“IPA covers all the major metros in Texas with one team that has access to multifamily investors throughout the country, and these factors contributed greatly to the success of this closing,” added Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com