IPA's Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Vosburg Close 456-Unit Dry Creek Ranch Sale in Northlake, Texas

NORTHLAKE, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has closed the sale of Dry Creek Ranch, a 456-unit multifamily community located at 13861 Raceway Drive in Northlake, Texas. The transaction, announced Aug. 31, 2026, transferred the property from seller Western Securities to buyer Bow River Capital, a Denver-based private alternative asset manager.

Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware, and Shelby Vosburg of IPA represented Western Securities in the transaction and procured Bow River Capital as the buyer. Will Balthrope, IPA executive director, also commented on the deal.

Asset Profile and Value-Add Positioning

Dry Creek Ranch is a three-story, garden-style, controlled-access community completed in two phases in 2007 and 2014. The property offers one-, two-, and three-bedroom floorplans with an average unit size of 927 square feet. Amenities include a swimming pool, outdoor firepit, outdoor kitchen, on-site dog park, basketball court, clubhouse with a 24-hour fitness center, theatre room, billiards, on-site laundry facility, business center, car wash station, covered parking, and valet trash service.

The asset carried 95% average occupancy over the trailing 12 months prior to sale, positioning it as a stabilized property with room for revenue growth through renovations — a profile consistent with a value-add investment strategy.

"The property is a value-add asset with 95% average occupancy in the last 12 months in a city where in the last five years the population has grown 3.2% and the median value of a single-family home is over $605,000," said Drew Kile, IPA executive managing director.

Location: AllianceTexas Corridor and Major Employment Drivers

Dry Creek Ranch sits at the intersection of Interstate 35W and Texas State Highway 114, near AllianceTexas, a 27,000-acre master-planned mixed-use development in the northern Dallas–Fort Worth submarket. Major corporate offices of Fidelity, Deloitte, TD Ameritrade, and Charles Schwab are within 10 minutes of the property, providing a substantial base of higher-income potential renters.

Within one mile of the community lies Chadwick Farms, a 60-acre mixed-use master-planned development. Additional retail, dining, and services are accessible at Northlake Crossing, Chadwick Commons, and Northlake Commons.

Northlake's population growth of 3.2% over the past five years, combined with a median single-family home value exceeding $605,000, supports renter demand for larger suburban units among families and professionals.

Operating Data and Market Context

Current marketing data for the property shows one- to three-bedroom units ranging from approximately 690 to 1,250 square feet, with asking rents spanning roughly $1,169 to $1,870 depending on unit type and configuration. The 927-square-foot average unit size reflects a mix weighted toward larger one-bedroom and family-oriented two- and three-bedroom layouts.

The transaction fits within a broader pattern of institutional capital targeting suburban, job-rich submarkets across the Dallas–Fort Worth metro, where household growth and elevated single-family home values have reinforced multifamily demand fundamentals.

IPA's Texas Multifamily Platform

"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," said Will Balthrope, IPA executive director.

About the Parties

Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI) focused on institutional clients across acquisition, disposition, and financing of large-scale properties and portfolios. Bow River Capital is a Denver-based private alternative asset manager with a real estate investment platform.

Sources

Institutional Property Advisors — Official Announcement