Mid-Cities Texas Multifamily Asset Sale Facilitated by Institutional Property Advisors
EULESS, Texas, June 22, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Domain Founders Parc, a 285-unit apartment property located within Founders Parc, the newest mixed-use development in Euless, Texas.
“Founders Parc is a top-of-the-market multifamily asset with unmatched unit interiors and community amenities,” said Drew Kile, IPA senior managing director. “Upon opening the doors in Q2 2020, the property experienced exceptional leasing velocity with an average of 24 leases per month and in January 2021, the gross lease count was 41.” Kile and IPA’s Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware represented the seller, Embrey Partners and The Carlyle Group, and procured the buyer, American Landmark. “Since 2010, the population in Euless has increased 11% and now totals nearly 60,000 residents,” added Tumminello. “A family- and business-friendly city, Euless is supported by an exceptional demographic profile that includes a low unemployment rate and an average single-family home price of $280,000.”
Three miles southwest of Dallas-Fort Worth International Airport, Domain at Founders Parc is equidistant from Dallas and Fort Worth. Employers close to the property include American Airlines, Bell Helicopter, General Motors, Lockheed Martin, and Texas Health Resources. Texas Live! a 200,000-square-foot entertainment center is five miles away.
Completed in 2020 on nine acres, the three- and four-story garden-style property provides residents with a fitness studio, cyber lounge and coffee bar, conference rooms, a fire pit and outdoor kitchen. Apartments have wood-style flooring, full-size washers and dryers and walk-in showers. The average unit size is 905 square feet.
“Domain at Founders Parc is the epicenter of Founders Parc, which upon full completion will have a variety of high-end commercial venues, restaurants, and housing options that will provide residents with a walkable urban lifestyle without the inconveniences of big-city living,” said Balthrope. “Having one Texas-based multifamily team serving institutional and large private investors gives IPA a distinct advantage in the marketplace and this was a key element in the success of this closing.”
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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