Institutional Property Advisors Closes Two Neighboring Dallas Apartment Complex Sales
DALLAS, Nov. 15, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sales of two multifamily assets in Dallas, Texas. They are a two-parcel asset, The Sawyer West Village Uptown, which has a total of 178 units, and Radius Turtle Creek, a 165-unit apartment complex.
“Situated in the heart of Uptown Dallas, these assets’ proximity to over 100 shops, restaurants and bars is one of the many factors for the continued increase in their occupancy over the past several years,” said Drew Kile, IPA senior managing director. “Prospective buyers also took interest in the convenient connectivity to the Dallas Area Rapid Transit light rail line, the historic McKinney Avenue Trolley, and Interstate 75, easing commuting for residents while also bringing high levels of foot traffic to the neighboring areas.” Along with Kile, IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope, represented the sellers, and procured the buyers. The Sawyer West Village Uptown was placed on the market by RangeWater Real Estate, partnered with Carlyle and bought by Weidner. The Radius Turtle Creek seller is McCann Realty Partners with Carlyle, and the purchaser is Colgate McCallum. “The continuing acceleration of suburban multifamily pricing has created significant opportunities in core locations such as these,” said Tumminello. “These assets are situated in A-plus locations and provide an exceptional amount of walkability, which is rare in our market.”
The Sawyer West Village Uptown has been a staple in the West Village neighborhood since its construction in 2006. The two parcels are the 103-unit The Flats at Sawyer West Village Uptown and The Lofts at Sawyer West Village Uptown, which has 75 units. The Sawyers’ upscale unit features include 10-foot ceilings, modern quartz countertops with undermount sinks and in- unit washers and dryers. Community amenities include ground-floor retail, a rooftop pool, outdoor social areas, and a fitness center with free weights.
Completed in 2001, Radius Turtle Creek is within walking distance of The Katy Trail and Turtle Creek Park. In the past five years, all units have been renovated and a new roof was installed in 2020. The property has nine unique one- and two-bedroom floor plans to choose from, each with a private patio or balcony. Community amenities include a direct level access parking garage, a swimming pool with sun deck and an internet lounge.
“IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists who source the most qualified buyers and obtain the best prices for our sellers,” 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