Equity Residential Picks Up DFW Asset
A partnership that included Greystar sold the property.
Equity Residential has bought Marlowe Grapevine, a 324-unit, garden-style community in Grapevine, Texas. Greystar and Carlyle sold the property in a deal brokered by Institutional Property Advisors, a division of Marcus & Millichap.
Regions Bank issued a $43.3 million construction loan in 2021, Yardi Matrix data shows. Two years later, the community debuted. Following the acquisition, Equity subsequently renamed the property Trailwinds Grapevine.
Floorplans consist of one- to three-bedroom units ranging from 705 to 1,693 square feet. Apartments feature 10-foot ceilings, farmhouse kitchen sinks, mudrooms, wine refrigerators and private balconies, among others.
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Trailwinds Grapevine’s community amenities include a gym, a business center and a conference room, coworking spaces, a game room, lounges, jogging trails, as well as a pet spa, to name a few.
Located at 4501 State Highway 360, Trailwinds Grapevine is less than 4 miles away from the Dallas Fort Worth International Airport and roughly 25 miles northwest of downtown Dallas. Bear Creek Golf Club and The Preserve at McCormick Park can be found some 3 miles away.
Institutional Property Advisors Executive Managing Director Drew Kile alongside Senior Managing Directors Joey Tumminello, Michael Ware and Taylor Hill, as well as Associate Shelby Clark, represented the sellers and procured the buyer.
Grapevine’s updated multifamily design standards
In 2016, architectural firms ArchiTexas and Mesa Planning updated Grapevine’s design standards manual. The newly reworked guidelines were meant to protect the multifamily market by increasing the quality of building stock and promoting design and construction appropriate for the landscape, as well as the existing environment.
Among the targeted areas was the Airport District, where Greystar would later build The Preserve, a 399-unit community that opened in 2020. The property was the first to be designed in accordance with Grapevine’s updated standards.
Trailwinds Grapevine—initially dubbed Elan Grapevine—took shape as The Preserve’s second phase. Council Member Chris Coy pointed out the development’s challenges, most notably its narrow proximity to Big Bear Creek and the Dallas Fort Worth International Airport, as reported by Community Impact.
DFW advertised asking rental rates go up for the first time since August 2023
The Metroplex’s transactional activity laid dormant, following national trends, with $586 million in multifamily assets changing hands year-to-date through May, a recent Yardi Matrix report shows. Most of the sales—75 percent—involved Renter-by-Necessity properties, denoting a continuous interest in value-add investments.
Worth mentioning is Dallas-Fort Worth’s advertised asking rental rate growth, as it rose by 0.2 percent on a trailing three-month basis through May, the report shows. This marked the first rate increase since August 2023.
However, the high volume of units slated for delivery this year—37,361 units as forecasted by Yardi Matrix—is likely to temper further advertised multifamily rent growth, as well as impact occupancy, which stood at 92.9 percent in April, the report reveals.
Just last month, another Metroplex transaction occurred. MLG Capital purchased The Jade at Frisco, a 424-unit Class A community in Frisco, Texas, from JPI. Berkadia issued a $70.5 million Freddie Mac note set to mature in August 2029.
