Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Destino, a 192-unit apartment property in Grand Prairie, Texas. MBP Capital traded the asset for an undisclosed sum to a buyer represented by Capital Vision Management LLC.
“Dallas-Fort Worth, the nation’s fourth-largest metropolitan area, offers competitive advantages for businesses, and consequently multifamily assets in Grand Prairie have historically experienced exceptional occupancy and rent growth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello, Grant Raymond, Asher Hall and Al Silva, senior managing director in Marcus & Millichap’s Fort Worth, office represented the seller and procured the buyer.
“The Destino has achieved strong revenue growth in the trailing 12 months through improved operations and the implementation of a value-add program,” said Tumminello.
The Destino is 17 miles from the Dallas-Fort Worth International Airport, and 20 miles from the Dallas and Fort Worth central business districts. The property is surrounded by major employers such as Lockheed Martin, General Motors, Poly-America, American Airlines and the Great Southwest Industrial Park. The Arlington Entertainment District, Texas Live!, Globe Life Park, AT&T Stadium, Six Flags, and Lone Star Park are all nearby.
“Optimally located in the epicenter of the Metroplex, The Destino gives the new owner an opportunity to continue the proven success of the interior upgrade program begun by previous ownership,” said Silva.
Built in 2000 on 11 acres, the three-story, garden-style community has many amenities including covered parking, detached garages and a resort-style pool.