Institutional Property Advisors Closes Sale and Arranges Financing for a 458-Unit Multifamily Property in Suburban Dallas
RICHARDSON, Texas, May 27, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale (via sale of REIT stock) and financing of Reserve at Spring Creek, a 458-unit multifamily asset in Richardson, Texas.
"Our marketing process generated strong interest from a deep pool of institutional capital, and Richardson’s long-term fundamentals made this an asset buyers could underwrite with real conviction,” said Joey Tumminello, IPA senior managing director investments. “The submarket's employment base, barriers to entry, and the property's overall quality make The Reserve at Spring Creek exactly the kind of irreplaceable location that institutional buyers are targeting.” Tumminello, Drew Kile, Michael Ware, Taylor Hill, and Jack Windham of IPA represented the seller, an affiliate of Lone Star Funds, and procured the buyer, MG Properties. Brian Eisendrath, Cameron Chalfant, and Harry Krieger of IPA Capital Markets arranged the financing. “Even amid Treasury and market volatility, the strength of this asset and the depth of lender demand allowed us to create a truly competitive financing process,” said Chalfant. “The execution was outstanding and the results for our client are exceptional.”
The property is just off Interstate 75, near President George Bush Turnpike, adjacent to the Spring Creek Nature Trail and close to Dallas Area Rapid Transit light rail service to Dallas Fort Worth International Airport. The CityLine mixed-use development, with 231,000 square feet of retail, dining, and entertainment is within walking distance, and the 1,200-acre Richardson Innovation Quarter is close by.
Completed in 2019 on over 17 acres, Reserve at Spring Creek has a 24-hour fitness studio, a business center, clubhouse, and a resort-inspired swimming pool. Apartments have washers and dryers, stainless-steel appliances, kitchen islands, and a private balcony or yard. The average unit size is 921 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 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.