Institutional Property Advisors Closes Luxury Multifamily Asset Sale in Dallas
DALLAS, July 21, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Olympus at Ross, a luxury 368-unit multifamily complex in Dallas, Texas.
“Olympus at Ross is a stabilized asset located in the Knox-Henderson neighborhood, a pedestrian-friendly area just north of Downtown Dallas,” said Drew Kile, IPA senior managing director. “Knox-Henderson connects Uptown Dallas to Highland Park, the two most prestigious neighborhoods in the Metroplex; places where average home values exceed $1.8 million.” Kile and Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond with IPA represented the seller, Olympus Property, and procured the buyer, American Landmark. “Olympus at Ross is a gateway asset to the high-growth East Dallas corridor,” added Tumminello. “Pent-up demand and future rent growth prospects make this part of town particularly attractive for both institutional and private multifamily investors.”
The property is within two miles of Downtown Dallas, the Henderson Avenue District, Knox District, and Lower Greenville. Nearby Highway 75 provides access to the entire Metroplex. High-profile employment centers in the area include Baylor University Medical Center, Deep Ellum, the Design District, The University of Texas Southwestern Medical Center and Dallas Love Field.
Olympus at Ross is a five-story, wrap-style apartment building constructed in 2015 with two courtyards, an access-controlled parking garage, electric-vehicle charging station, indoor cycling center and blow-out bar. Apartments have keyless entry, quartz countertops, 10-foot ceilings, stainless-steel appliances, and spa-style showers.
“IPA’s coverage of all major metros in Texas is accomplished by one team of multifamily property investment specialists, and this resulted in our finding the most qualified buyer at the highest price for our seller,” stated Balthrope.
# # #
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