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Texas  + Apartments  | 

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

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Inside The Story

Connect With IPA's BalthropeConnect With IPA's KileConnect With IPA's RaymondConnect With IPA's Tumminello

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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