Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced Aug. 17 the sale of two multifamily properties totaling 710 units in suburban North Dallas. The properties are Jefferson Eastshore, a 286-unit asset in Irving, and Jefferson Boardwalk, a 424-unit property in Farmers Branch.
“Multifamily housing demand is outpacing new supply in Irving-Las Colinas,” said Drew Kile, senior managing director, IPA. “Average occupancy has exceeded all other etroplex submarkets that have experienced an influx of new supply.” Kile and IPA’s Will Balthrope, Joey Tumminello, and Grant Raymond represented the seller, JPI, and identified the buyer, an affiliate of Lone Star Funds. “As of this time last year, average occupancy in Las Colinas/Coppell was 95.3 percent, and the area continues to be one of the most stable in the Metroplex,” added Tumminello.
Located on Lake Carolyn in Irving, Jefferson Eastshore is close to Northwest Highway and Riverside Drive. Access to Interstate 35 and the newly expanded Texas State Highway 114 is nearby and the Las Colinas Entertainment District, Toyota Music Factory, Irving Convention Center and Urban Center Dallas Area Rapid Transit station are within walking distance. Irving is home to over 2,000 corporations and the corporate headquarters of 400 companies. There are seven Fortune 500 firms in Irving-Las Colinas, including ExxonMobil, Kimberly-Clark, and the Fluor Corp. Built in 2019 on over three acres, Jefferson Eastshore’s average unit size is just over 900 square feet and 80 units have lakefront views.
Jefferson Boardwalk is a garden-style multifamily asset built in 2018 on 15.1 acres close to Irving-Las Colinas in Farmers Branch, which is home to over 4,000 corporations and more than 250 corporate headquarters. Dallas-Fort Worth International Airport and Dallas Love Field are within a short drive of the property and Cypress Waters, a 1,000-acre master-planned community with offices, retail and apartments is five minutes away.
“Farmers Branch has grown substantially in the past few years, and apartment occupancy has averaged 95.2 percent in the trailing four quarters,” added Raymond. “Low-density new construction assets like Jefferson Boardwalk with surface parking are rare and hard to replicate in this submarket.”
“IPA’s ability to cover every major Texas metro allows us to identify investment opportunities throughout the state and match private and institutional buyers with assets that meet their investment criteria,” noted Balthrope.