facebook
Traded Co logo
Submit

JPI Acquires 31.8 Acres Development Site In Grand Prairie From Martin Heirs

Property Image
SOLD
John St. Clair
Davis Willoughby

Texas

See Similar Deals
Development Site31 SF
Sold 07/06/2024
the dealplayerscompscontact
Property Image
SOLD

JPI Acquires 31.8 Acres Development Site In Grand Prairie From Martin Heirs

Great Southwest Parkway

See Similar Deals
Development Site31 SF
Sold 07/06/2024
John St. Clair
Davis Willoughby
the dealplayerscompscontact
Contact now

Summary

TEXAS
Asset Type:Development Site
Price Per Square Foot:$0
Total Square Footage:31 SF
Transaction Type:Sale

31.8 acres located at the northwest corner of Lake Ridge Parkway and Great Southwest Parkway in Grand Prairie, Texas, were sold in a transaction involving a development site. The asset is situated in a market that is experiencing a high demand for multifamily housing units.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: Not disclosed
  • Address: Lake Ridge Parkway & Great Southwest Parkway
  • Market: Grand Prairie
  • Buyer: JPI
  • Seller: Martin Heirs
  • Brokers: John St. Clair & Davis Willoughby - Young Partners
  • Acres: 31.8

John St. Clair and Davis Willoughby from Younger Partners facilitated the sale, representing the seller, Martin Heirs. The deal was a direct transaction with JPI, who recognized the potential of the land despite its topography and floodplain challenges. Discussions were necessary to ensure compliance with current multifamily standards as the property was initially zoned for this use in the 1980s.

Players

John St. Clair
Young Partners
John St. Clair
6 deals
BROKER
Davis Willoughby
Young Partners
Davis Willoughby
5 deals(214) 238-8002
BROKER

Details

SOLD
IMAGE: John St. Clair & Davis Willoughby DATE: 07/06/2024 ADDRESS: Lake Ridge Parkway & Great Southwest Parkway MARKET: Grand Prairie ASSET TYPE: Development Site ~ ACRES: 31.8 BUYER: JPI SELLER: Martin Heirs BROKERS: John St. Clair & Davis Willoughby (@DavisWilloughby) - Young Partners (@YoungerPartners) NOTE FROM BROKER: Younger Partners Executive Managing Director John St. Clair & Associate Davis Willoughby brokered the sale of 31.8 acres at the northwest corner of Lake Ridge Parkway and Great Southwest Parkway in Grand Prairie, Texas, to JPI, a leader in the development of best-in-class multifamily communities. St. Clair & Willoughby represented the seller, Martin Heirs, the property’s longtime owner. The transaction was a direct deal with JPI. “This tract has been overlooked for years because of its topography & the city’s floodplain challenges, but JPI saw the potential to make those issues an asset,” St. Clair said. “This is an amazing acquisition for JPI & a wonderful addition to the city of Grand Prairie’s multifamily offerings.” Like most North Texas cities, there is demand for housing units, particularly multifamily, throughout Grand Prairie. “Infill multifamily sites are highly coveted, and it is difficult to find them in the right location with the appropriate zoning,” Willoughby said. “When these parcels are found, they have great value. This site was a rare gem for JPI as it was already zoned for multifamily usage.” “City leadership recognizes the need for these kinds of projects,” Willoughby said. “The city’s planned development provision for this property was written in the 1980s, which required some discussion to ensure the multifamily stipulated within the zoning complies with the city’s multifamily standards of today. It was a unique situation to have the purchaser, seller and city working together to bring the project to fruition.”

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$0.00

Debt Service Coverage Ratio (DSCR)

0.00x

Cap Rate

0.00%

Cash Flow (Annual)$0.00
Cash-on-Cash Return0.00%
Monthly Debt Service$0.00
Annual Debt Service$0.00