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Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has brokered the sale of Marlowe Grapevine, a 324-unit multifamily asset in Grapevine, Texas. The property, completed in 2023, was sold by Greystar and Carlyle to Equity Residential. Located near major employers and amenities, Marlowe Grapevine is a three-story, garden-style asset with various community amenities and spacious apartments.
The sale highlights the strong demand for multifamily properties in the Dallas-Fort Worth area, particularly in submarkets with supply and development restrictions. IPA’s team, led by Drew Kile, emphasized the property’s exceptional leasing velocity and strategic location as key selling points.
Institutional Property Advisors (IPA), una divisione di Marcus & Millichap (NYSE:MMI), ha mediato la vendita di Marlowe Grapevine, un asset multifamiliare di 324 unità a Grapevine, Texas. La proprietà, completata nel 2023, è stata venduta da Greystar e Carlyle a Equity Residential. Situata vicino a importanti datori di lavoro e servizi, Marlowe Grapevine è un immobile di tre piani in stile giardino con vari servizi comunitari e appartamenti spaziosi.
La vendita evidenzia la forte domanda di proprietà multifamiliari nell’area di Dallas-Fort Worth, in particolare in sotto-mercati con restrizioni di offerta e sviluppo. Il team di IPA, guidato da Drew Kile, ha sottolineato la straordinaria velocità di locazione della proprietà e la sua posizione strategica come punti vendita chiave.
Institutional Property Advisors (IPA), una división de Marcus & Millichap (NYSE:MMI), ha intermediado la venta de Marlowe Grapevine, un activo multifamiliar de 324 unidades en Grapevine, Texas. La propiedad, finalizada en 2023, fue vendida por Greystar y Carlyle a Equity Residential. Ubicada cerca de importantes empleadores y servicios, Marlowe Grapevine es un activo de tres pisos en estilo jardín con diversas comodidades comunitarias y apartamentos espaciosos.
La venta resalta la fuerte demanda de propiedades multifamiliares en el área de Dallas-Fort Worth, especialmente en submercados con restricciones de suministro y desarrollo. El equipo de IPA, liderado por Drew Kile, enfatizó la excepcional velocidad de arrendamiento de la propiedad y su ubicación estratégica como puntos de venta clave.
Institutional Property Advisors (IPA)는 Marcus & Millichap (NYSE:MMI)의 한 부서로, 마를로우 그레이프바인이라는 텍사스 그레이프바인에 위치한 324세대 다가구 자산의 매각을 중개했습니다. 2023년에 완료된 이 자산은 Greystar와 Carlyle로부터 Equity Residential에게 판매되었습니다. 주요 고용주와 편의 시설 근처에 위치한 Marlowe Grapevine은 다양한 커뮤니티 편의 시설과 넓은 아파트가 있는 3층 규모의 정원 스타일 자산입니다.
이번 판매는 달라스-포트워스 지역의 다가구 자산에 대한 강한 수요를 강조하며, 특히 공급 및 개발 제한이 있는 하위 시장에서 더욱 두드러집니다. Drew Kile이 이끄는 IPA 팀은 자산의 뛰어난 임대 속도와 전략적 위치를 주요 매력 요소로 강조했습니다.
Institutional Property Advisors (IPA), une division de Marcus & Millichap (NYSE:MMI), a intermédié la vente de Marlowe Grapevine, un bien multifamilial de 324 unités situé à Grapevine, Texas. La propriété, achevée en 2023, a été vendue par Greystar et Carlyle à Equity Residential. Située à proximité de grands employeurs et commodités, Marlowe Grapevine est un bien de trois étages de style jardin avec diverses commodités communautaires et des appartements spacieux.
La vente met en évidence la forte demande pour les propriétés multifamiliales dans la région de Dallas-Fort Worth, en particulier dans les sous-marchés avec des restrictions d’offre et de développement. L’équipe de IPA, dirigée par Drew Kile, a souligné la vitesse exceptionnelle de la location de la propriété et sa localisation stratégique comme points de vente clés.
Institutional Property Advisors (IPA), eine Abteilung von Marcus & Millichap (NYSE:MMI), hat den Verkauf von Marlowe Grapevine, einem multifamilären Objekt mit 324 Einheiten in Grapevine, Texas, vermittelt. Die 2023 fertiggestellte Immobilie wurde von Greystar und Carlyle an Equity Residential verkauft. Marlowe Grapevine befindet sich in der Nähe wichtiger Arbeitgeber und Annehmlichkeiten und ist ein drei Stockwerke hohes Gartenstil-Objekt mit verschiedenen Gemeinschaftsanlagen und geräumigen Wohnungen.
Der Verkauf hebt die starke Nachfrage nach multifamilien Eigenschaften im Dallas-Fort Worth-Gebiet hervor, insbesondere in Teilmärkten mit Angebots- und Entwicklungsbeschränkungen. Das Team von IPA, geleitet von Drew Kile, betonte die außergewöhnliche Vermietungsgeschwindigkeit der Immobilie und deren strategische Lage als wichtige Verkaufsargumente.
Positive
- Successful sale of a 324-unit multifamily asset in a high-demand area
- Property exhibited exceptional leasing velocity
- Located in a submarket with multifamily supply and restricted future development
- Proximity to major employers and amenities
GRAPEVINE, Texas–(BUSINESS WIRE)– Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of Marlowe Grapevine, a 324-unit multifamily asset in Grapevine, Texas.
“Marlowe Grapevine exhibited exceptional leasing velocity in a submarket with limited multifamily supply and zoning that restricts future development,” said Drew Kile, IPA executive managing director. Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, and Shelby Clark represented the sellers, Greystar and Carlyle, and procured the buyer, Equity Residential.
The property is located off Texas State Highway 360, within a short drive to historic Downtown Grapevine, Grapevine Towne Center power center, and Cowboys Golf Club. The largest nearby employer is the Dallas-Fort Worth International Airport, followed by Crandall Campus in Fort Worth, home to American Airlines’ headquarters, and Baylor Scott & White Medical Center – Grapevine. Recreation is within proximity at Grapevine Lake and the Grapevine Trails.
Completed in 2023 on 15 acres, Marlowe Grapevine is a three-story, garden-style asset. Community amenities include an outdoor fitness center, resort-style swimming pool, private garages, and a jogging trail. Apartments have 10-foot ceilings, garden tubs, dishwashers, washers and dryers. The average unit size is 940 square feet.
“IPA in Texas provides commercial real estate investors with a large inventory of high-quality multifamily investment opportunities in every market,” said Will Balthrope, IPA executive director. “We offer local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio.”
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, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802715384/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap
FAQ
What property did IPA broker the sale of in Grapevine, Texas?
IPA brokered the sale of Marlowe Grapevine, a 324-unit multifamily asset in Grapevine, Texas.
Who were the sellers and buyer of the Marlowe Grapevine property?
The sellers were Greystar and Carlyle, and the buyer was Equity Residential.
When was the Marlowe Grapevine property completed?
Marlowe Grapevine was completed in 2023.
What are some key features of the Marlowe Grapevine property?
Marlowe Grapevine is a three-story, garden-style asset with amenities including an outdoor fitness center, resort-style swimming pool, private garages, and a jogging trail. The apartments have 10-foot ceilings and an average size of 940 square feet.
How does this sale reflect on Marcus & Millichap’s (NYSE:MMI) performance in the multifamily market?
The sale demonstrates Marcus & Millichap’s (NYSE:MMI) strong presence in the multifamily market, particularly in high-demand areas with supply, showcasing their ability to broker significant deals through their IPA division.
