Institutional Property Advisors Brokers Sale of 399-Unit The Preserve Multifamily Asset in Grapevine, Texas for Greystar

GRAPEVINE, Texas — Institutional Property Advisors has brokered the sale of The Preserve, a 399-unit Class A multifamily community at 101 E Glade Rd in Grapevine, Texas, the firm announced Sept. 9, 2026. The IPA team represented the seller, Greystar, and procured the buyer in the transaction.

Property and Deal Overview

Completed in 2020, The Preserve is a three-story, garden-style apartment community that recorded 96% average occupancy over the trailing 12 months leading up to the sale. The property's 399 units average 968 square feet each. Amenities include an outdoor pavilion, a business center, fitness stations, nature overlooks, and a large swimming pool. Individual apartments feature full-size washers and dryers, wine refrigerators, and walk-in closets with built-in wood shelving, with select units offering 12-foot ceilings.

Drew Kile, IPA executive managing director, pointed to the submarket's supply dynamics as a key factor in the asset's appeal. "The property is a stabilized Class A asset with 96% average occupancy over the trailing 12 months in a city with a fundamentally restricted multifamily pipeline," Kile said. "An average of only 292 units has been delivered yearly in Grapevine between 2020 and 2025."

The IPA brokerage team included Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware, and Shelby Vosburg.

Location and Employment Base

The Preserve sits just off State Highway 360, positioning it within a short drive of Dallas Fort Worth International Airport, Downtown Dallas, Downtown Fort Worth, and the Frisco/Plano corridor. Major employment anchors in the surrounding area include Lockheed Martin's F-35 production plant and the AllianceTexas Corridor, a 27,000-acre master-planned logistics development that is home to more than 500 companies, including BNSF and Amazon. Retail and entertainment options nearby include Historic Downtown Grapevine, Grapevine Mills Mall, and the Gaylord Texan Resort.

Grapevine Submarket Context

Grapevine's constrained apartment pipeline sets it apart from the broader Dallas-Fort Worth metro, which has been working through an elevated supply cycle. Across DFW, approximately 27,748 units were delivered in the 12 months ending in the second quarter of 2026, down from roughly 42,309 units delivered in all of 2024. The Grapevine submarket recorded vacancy of approximately 5.5% in the second quarter of 2026, among the tightest readings in the metro. Median pricing across DFW multifamily transactions with available data was approximately $175,300 per unit, with average cap rates near 5.25%.

The combination of limited future supply, strong in-place occupancy, and proximity to major employment nodes positioned The Preserve as a candidate for institutional buyer interest even as the broader metro continues to absorb a large wave of recent deliveries.

IPA's Texas Platform

Will Balthrope, IPA executive director, noted the firm's regional reach in a statement accompanying the announcement. "IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio," Balthrope said.

Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI), a commercial real estate services firm operating across North America.