Institutional Property Advisors Negotiates Uptown Dallas Multifamily Asset Sale
DALLAS, Aug. 5, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Uptown at Cole Park, a 179-unit multifamily asset in Dallas, Texas.
“Uptown is one of the most densely populated and pedestrian-friendly areas in Dallas,” said Drew Kile, IPA senior managing director. “Most residents hold a bachelor’s degree or higher and the median annual household income is $87,735.” Kile and IPA’s Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill, and Asher Hall represented the seller, The Ergas Group, and procured the buyer, Heritage Capital Group. “The area’s affluent resident profile and strong demographics provide a solid foundation for Uptown at Cole Park’s future revenue growth,” added Tumminello.
The property is located off Central Expressway/U.S. Highway 75, within walking distance of the Uptown district’s restaurants, shops, bars, the Katy Trail and Cole Park. Employment opportunities at companies like Bain & Company, McKinsey & Co., Boston Consulting Group, PricewaterhouseCoopers, Goldman Sachs, Dean Foods, and Holly Frontier are available in the neighborhood and Downtown Dallas is a mile and a half away.
Built in 2016, the six-story asset’s community amenities include a resort-style pool, fitness center, dog park and package lockers. Apartments have stainless-steel appliances, quartz countertops, custom cabinets, and private balconies, and select units have double vanities and city views. The unit mix is 86% one-bedroom units and 14% two-bedroom apartments.
IPA in Texas covers the entire state with one team of dedicated multifamily property investment specialists and that enabled us to source the most qualified buyer and obtain the best price for our seller,” added 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