IPA Brokers Sale of Suburban Dallas Community
- Oct 29, 2020
Institutional Property Advisors has facilitated the sale of The Destino, a 192-unit garden-style community in Grand Prairie, Texas. The company represented the seller and procured the buyer. MBP Capital was the seller, according to Yardi Matrix.
The IPA team included Senior Managing Director Drew Kile, Executive Managing Director Will Balthrope, Director Joey Tumminello, Associates Grant Raymond and Asher Hall. Al Silva, senior managing director with Marcus & Millichap, also worked with the seller. Earlier this month, Balthrope was also involved in the sale of Springs at University Drive, another garden-style community in Texas. Capital Vision Management LLC represented the buyer.
Built on an 11-acre parcel in 2000, the community is located at 2815 Osler Drive, between interstates 20 and 30. The Destino is midway between Dallas and Fort Worth, some 10 miles south of DFW International Airport.
The property has one-, two- and three-bedroom apartments. Community amenities include a resort-style pool, a fitness center, a spa and covered parking. Silva indicated that the new owner plans to continue renovation efforts begun prior to the sale.