IPA Arranges Sale of Apartment Complex in Metro Dallas

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc., has arranged the sale of Arioso, a 288-unit apartment community in Grand Prairie. Will Balthrope and Drew Kile represented the seller, JPI, an Irving-based developer, builder and investment manager of Class A multifamily assets. Troy, Mich.-based The Hayman Co., a privately owned commercial real estate company, was the buyer. The apartment complex is located at the intersection of I-20 and State Highway 360 at 3030 Claremont Drive. Built in 2007 on 13.5 acres, Arioso has nine floor plans and 52 townhomes. The average unit size is 976 square feet. Apartments feature maplewood cabinets with nickel hardware and hardwood-style flooring in kitchens. Community amenities include a clubhouse, two swimming pools, a fitness center and an outdoor fireplace area with barbecue grills.