Vanguard Real Estate Advisors, a Dallas based advisory and capital markets firm, announces the sale of a 15.6-acre multifamily development site located along Lynn Creek Parkway in Grand Prairie. The site is located less than a block east of State Highway 360 and approximately three miles south of Interstate 20 near the northern shore of Joe Pool Lake.
Vanguard REA represented the Stockton, California based purchaser, The Spanos Corporation, one of the nation’s leading family-owned multifamily and master planned developers. The purchaser plans to build a 278-unit “Class A” Multifamily Community which will be part of a larger mixed-use development. The Seller was Fort Worth based KP Land Partners, LP which was represented by Terry Haines of The Haines Company.
“Given our deep understanding of multifamily submarkets across Texas, we were able to identify an ideal site to meet our Client’s development objectives. This site is well located in a major growth corridor and benefits from close proximity to major employers, national retailers, as well as major transportation thoroughfares.” said Jordan Cortez, Managing Principal of Vanguard REA.