Institutional Property Advisors Completes Suburban Dallas Multifamily Sale
FARMERS BRANCH, Texas, Dec. 8, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Elan City Centre, a 330-unit multifamily property in Farmers Branch, Texas.
“Elan City Centre is prominently positioned in a highly visible location at the intersection of Dallas’s most heavily traveled thoroughfares, Interstate 635 and the Dallas North Tollway,” said Drew Kile, IPA senior managing director. “Additionally, the property is at the gateway of Addison, which is home to the most restaurants per capital in the United States and has seen the addition of numerous new, trendy bars and venues in the Village on the Parkway.” Kile and IPA’s Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill, and Asher Hall represented the seller, MIG Real Estate, and procured the buyer, HLC Equity. HLC Equity will be rebranding the property to Layers Galleria, and it will be operated by HLC Equity’s proprietary Layers brand.
“Situated in the Platinum Corridor, there are over 200,000 employees within walking distance of the community, making Elan City Centre the premier residence for Dallas’s young professionals,” added Tumminello. “With the Dallas Galleria less than half a mile away, world-class entertainment and retail opportunities are minutes away.”
Built in 2013, the three-story property has top-of-the-line communal amenities, including a dog park, entertainment lounge and deck area, salt-water swimming pool, 24-hour athletic club, business center and grilling stations. The average unit size is 771 square feet.
“All major multifamily markets in Texas are covered by a single IPA team located throughout the state,” added Balthrope. “This structure gives us every advantage in procuring the most well-qualified buyer and bringing our seller top value.”
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