Institutional Property Advisors Completes Luxury Multifamily Asset Sale in Dallas-Fort Worth
PLANO, Texas, Dec. 22, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Huntington, a 320-unit, five-story luxury multifamily property in Plano, Texas.
“Located within the most prolific growth corridor in the country, The Huntington has luxurious hotel-like architecture and designer-home finishes that differentiate it from the competition in a market that is flush with an affluent renter-by-choice demographic,” said Drew Kile, IPA senior managing director. Kile, IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller, Catalyst Urban Development, and procured the buyer, Fairfield Residential. “There are very few assets in Plano that provide a physical fit and finish that resemble The Huntington,” added Tumminello. “The asset’s location and differentiated property qualities attracted the most active institutional and private buyers. Ultimately, it was an exceptional outcome for both buyer and seller.”
Completed in 2018, the property is 25 minutes from Downtown Dallas and within walking distance of restaurants, retail stores, and employers. Legacy West, a 240-acre mixed-use development with many corporate campuses, including Toyota, JPMorgan Chase, FedEx and Liberty Mutual Insurance is less than a mile away. Granite Park, a mixed-use development with 3 million square feet of Class A office space and 30,000 square feet of high-end dining and entertainment, including the Hilton Plano Granite Park, is also within a mile.
Situated on five acres in a walkable environment, the controlled-access community has a lavish pool courtyard with multiple private amenities, on- and off-leash dog parks with washing station, walking trails, an outdoor TV lounge, and a five-star residential living and fitness club among other amenities. Each apartment home averages 914 square feet and provides 10- to 11-foot high ceilings, continuous hot water, technological amenities and accommodations that remove trash handling from the resident’s daily experience.
“Home to the headquarters of more than 4,000 corporations, Plano is a thriving city with robust apartment market fundamentals,” added Balthrope. “We cover Plano and all major markets in Texas with one team and this was a key factor in the closing of this sale.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com