Institutional Property Advisors Closes North Dallas Apartment Asset Sale
CARROLLTON, Texas, Dec. 21, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Switchyard Apartments, a 234-unit, transit-oriented asset in Downtown Carrollton, Texas.
“Strategically located at the intersection of Interstate 35E and Belt Line Road, major thoroughfares that connect residents to the entire Metroplex and major employment centers, Switchyard Apartments is a commuting hub for North Dallas residents,” said Drew Kile, IPA senior managing director. “The expansion of the Dallas Area Rapid Transit light rail’s Silver Line will provide Switchyard with two stations adjacent to the property.” Kile, Michael Ware, Joey Tumminello, Taylor Hill, Will Balthrope and Grant Raymond represented the seller, SC Switchyard LLC and procured the buyer, American Landmark.
The property was developed by Stoneleigh Companies and Realty Capital Management.
“Built in 2019, Switchyard Apartments has a current occupancy level of 96%, one of the highest in terms of comparable properties in the Dallas-Fort Worth metroplex,” added Ware.
Switchyard’s residents are also conveniently located just five miles from Addison Airport and the Platinum Corridor, a major employment center hosting over 200,000 employees. The property’s community amenities include a resort-style pool, fitness center, terrace deck and outdoor fireplaces. Each unit includes a washer and dryer, stainless-steel appliances and keyless fob access system.
“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