Institutional Property Advisors Closes Sale and Arranges Financing for 458-Unit Reserve at Spring Creek in Suburban Dallas
RICHARDSON, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced May 27, 2026, the sale and financing of Reserve at Spring Creek, a 458-unit multifamily property in Richardson, Texas. The transaction was structured as a sale of REIT stock, with an affiliate of Lone Star Funds as seller and MG Properties as buyer, and IPA Capital Markets arranging the debt.
Transaction Details and Deal Structure
The transaction was executed as a sale of REIT stock rather than a conventional deed transfer. The seller was identified as an affiliate of Lone Star Funds. MG Properties was procured as the buyer.
Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill, and Jack Windham of IPA represented the seller and procured the buyer. Financing was arranged by Brian Eisendrath, Cameron Chalfant, and Harry Krieger of IPA Capital Markets. Financial terms of the transaction, including sale price, loan amount, and cap rate, were not disclosed.
"Our marketing process generated strong interest from a deep pool of institutional capital, and Richardson's long-term fundamentals made this an asset buyers could underwrite with real conviction," said Joey Tumminello, IPA senior managing director investments. "The submarket's employment base, barriers to entry, and the property's overall quality make The Reserve at Spring Creek exactly the kind of irreplaceable location that institutional buyers are targeting."
On the debt side, IPA Capital Markets cited competitive lender demand despite broader market uncertainty. "Even amid Treasury and market volatility, the strength of this asset and the depth of lender demand allowed us to create a truly competitive financing process," said Cameron Chalfant. "The execution was outstanding and the results for our client are exceptional."
Property Profile
Completed in 2019 on over 17 acres, Reserve at Spring Creek offers 458 apartment homes with an average unit size of 921 square feet. Unit features include in-unit washers and dryers, stainless-steel appliances, kitchen islands, and a private balcony or yard. Community amenities include a 24-hour fitness studio, a business center, a clubhouse, and a resort-inspired swimming pool.
The property is situated just off Interstate 75, near the President George Bush Turnpike, adjacent to the Spring Creek Nature Trail, and close to Dallas Area Rapid Transit light rail service connecting to Dallas Fort Worth International Airport. The CityLine mixed-use development — encompassing 231,000 square feet of retail, dining, and entertainment — is within walking distance, and the 1,200-acre Richardson Innovation Quarter is nearby.
Richardson Submarket
The IPA brokerage team cited the submarket's employment base and barriers to entry as factors supporting buyer interest. The CityLine mixed-use development and the adjacent Richardson Innovation Quarter, a 1,200-acre district, are located near the property. Proximity to DART light rail service also provides transit access.
Will Balthrope, IPA executive director, noted the firm's broader Texas platform 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.