Institutional Property Advisors Brokers Mid-Cities Multifamily Asset Sale in Texas
June 25 2021 - 1:24PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced 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 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,” said Tumminello. “A family- and
business-friendly city, Euless is supported by an exceptional
demographic profile with a low unemployment rate and average
single-family home price of $280,000.”
The property is three miles southwest of Dallas-Fort Worth
International Airport and is equal distance 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 has a fitness studio, cyber lounge and coffee
bar, conference rooms, a fire pit and outdoor kitchen. Apartments
have wood-style flooring and full-size washers and dryers. 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 was a key element in the success of this closing.”
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
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals
located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate
investment sales, financing, research and advisory services.
Founded in 1971, the firm closed 8,954 transactions in 2020 with a
value of approximately $43 billion. Marcus & Millichap has
perfected a powerful system for marketing properties that combines
investment specialization, local market expertise, the industry’s
most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210625005437/en/
Gina Relva, Public Relations Director
Gina.Relva@marcusmillichap.com
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