Institutional Property Advisors Closes Sale and Arranges Financing for Dallas-Fort Worth Metroplex Multifamily Asset
March 06, 2025
GRAND PRAIRIE, Texas, March 6, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale and financing of Springs at Grand Prairie, a 276-unit multifamily property in Grand Prairie, Texas.
“The acquisition gives the buyer an opportunity to implement some proven improvements on 68% of the units,” said Joey Tumminello, IPA senior managing director. Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, and Cameron Purse represented the seller, Continental Properties, and procured the buyer. Brian Eisendrath, Cameron Chalfant, and Harry Krieger of IPA Capital Markets arranged acquisition financing. “We closed the loan seamlessly within 30 days thanks to the efficiency and expertise of buyer and lender and we’re thrilled to have been a part of our client’s successful return to the Dallas-Fort Worth multifamily market,” said Krieger.
The property is located at the intersection of President George Bush Turnpike and Interstate 20, close to retail and entertainment at Epic Central and Epic Towne Crossing. The location provides residents with easy access to nearby major employment and entertainment drivers in the Mid-Cities region between Dallas and Fort Worth, such as the Arlington Entertainment District.
Built in 2022 on 15 acres, Springs at Grand Prairie is a two-story, garden-style asset with an automatic gated entrance, resort-style swimming pool, and 24-hour fitness center. Apartments have townhome-style design with private entries, open concept floor plans, walk-in closets, and washers and dryers. The average unit size is 991 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio,” said Will Balthrope, IPA executive managing director.
“The acquisition gives the buyer an opportunity to implement some proven improvements on 68% of the units,” said Joey Tumminello, IPA senior managing director. Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, and Cameron Purse represented the seller, Continental Properties, and procured the buyer. Brian Eisendrath, Cameron Chalfant, and Harry Krieger of IPA Capital Markets arranged acquisition financing. “We closed the loan seamlessly within 30 days thanks to the efficiency and expertise of buyer and lender and we’re thrilled to have been a part of our client’s successful return to the Dallas-Fort Worth multifamily market,” said Krieger.
The property is located at the intersection of President George Bush Turnpike and Interstate 20, close to retail and entertainment at Epic Central and Epic Towne Crossing. The location provides residents with easy access to nearby major employment and entertainment drivers in the Mid-Cities region between Dallas and Fort Worth, such as the Arlington Entertainment District.
Built in 2022 on 15 acres, Springs at Grand Prairie is a two-story, garden-style asset with an automatic gated entrance, resort-style swimming pool, and 24-hour fitness center. Apartments have townhome-style design with private entries, open concept floor plans, walk-in closets, and washers and dryers. The average unit size is 991 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio,” said Will Balthrope, IPA executive managing director.
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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.