Western Securities Sells 444-Unit North Dallas Asset

Institutional Property Advisors arranged the deal.

Mustang Station, a 444-unit multifamily in Farmers Branch, Dallas.

Mustang Station came online less than a decade ago, in a rapidly growing area of Dallas-Fort Worth. Image courtesy of Institutional Property Advisors

RPM Commercial Real Estate has purchased Mustang Station, a 444-unit multifamily community in Farmers Branch, Texas, a submarket of Dallas, from Western Securities. The transaction was brokered by Institutional Property Advisors, which represented the seller and procured the buyer. Another team from IPA Capital Markets secured acquisition financing.

Mustang Station is part of one of Dallas-Fort Worth’s high-performing submarkets, according to Drew Kile, IPA executive managing director. The Metroplex continues to have one of the country’s largest multifamily pipelines, according to a Yardi Matrix multifamily report, and North Dallas accounts for a big share of that. Even in the context of decelerating rent growth, Farmers Branch continued to showcase healthy rent evolution and occupancy, also confirmed by Institutional Property Advisors.

The IPA team that facilitated the transaction included Kile, as well as Senior Managing Directors Joey Tumminello, Taylor Hill and Michael Ware, Senior Associate Jeff Kindorf and Executive Managing Director Will Balthrope. The team that arranged the acquisition financing included Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant, and Managing Directors Jake Vitta and Jesse Zarouk.

A well-located rental community in North Dallas

The community is close to many North Dallas employers, including nearby Brinks Home 1.5 miles away and SoftLayer Technologies Inc. 4.5 miles away. Mustang Station also offers access to natural parks, Oran Good Park and Farmers Branch Historical Park being within walking distance. Downtown Dallas is roughly 14 miles south.

The property, located at 2500 Pepperwood St., encompasses two low-rise buildings with one-, two- and three-bedroom floorplans. Apartments range between 616 and 1,434 square feet.

The 5.7-acre community came online in two phases, in 2015 and 2019. The units added in the second phase provide individual washers and dryers. Common-area amenities include a fitness center and a business center, two swimming pools, a clubhouse and a media room.

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