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IPA Sells Two North Dallas Properties
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of two multifamily properties totaling 710 units in suburban North Dallas. The properties are Jefferson Eastshore, a 286-unit Irving asset completed last year, and Jefferson Boardwalk, a 424-unit property located in Farmers Branch and built in 2018.
An IPA team of Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond represented the seller, JPI, and identified the buyer, an affiliate of Lone Star Funds. Terms weren’t disclosed.
“Multifamily housing demand is outpacing new supply in Irving-Las Colinas,” said Kile. “Average occupancy has exceeded all other Metroplex submarkets that have experienced an influx of new supply.”
Raymond added, “Farmers Branch has grown substantially in the past few years, and apartment occupancy has averaged 95.2% in the trailing four quarters. Low-density new construction assets like Jefferson Boardwalk with surface parking are rare and hard to replicate in this submarket.”
Pictured: Jefferson Boardwalk.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

