Institutional Property Advisors Closes Suburban Dallas Multifamily Asset Sale
June 20, 2024
LITTLE ELM, Texas, June 20, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The District in Little Elm, a 324- unit multifamily property with 19 townhomes and 11,272 square feet of retail in Little Elm, Texas.
“Little Elm is a direct beneficiary of Frisco’s unprecedented growth, which includes new entertainment attractions such as PGA Frisco and the future Universal Kids Resort, as well as large planned mixed-use developments such as The Link, and The Fields,” said Joey Tumminello, IPA senior managing director. “The lakefront community’s demographics include a median age of 34, average annual household income of $131,000 and over the next 10 years, the population is projected to grow 97.6%.” Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, and Cameron Purse represented the seller, Palladium, and procured the buyer, Quarry Capital.
The property is 37 miles from Dallas, near Lewisville Lake, and close to the Little Elm Park beachfront entertainment area. The Windsong Ranch Marketplace business center, the Stonebriar Mall super-regional mall, and Dallas-Fort Worth International Airport are within a short drive.
Completed in 2023 on 10 acres, The District in Little Elm is a controlled-access community with two swimming pools, private work pods, electric vehicle charging stations and solar benches. Apartments have wood-style flooring, pantries, washer and dryer connections and private patios or balconies. The average unit size is 835 square feet.
"IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Will Balthrope, IPA executive managing director.
“Little Elm is a direct beneficiary of Frisco’s unprecedented growth, which includes new entertainment attractions such as PGA Frisco and the future Universal Kids Resort, as well as large planned mixed-use developments such as The Link, and The Fields,” said Joey Tumminello, IPA senior managing director. “The lakefront community’s demographics include a median age of 34, average annual household income of $131,000 and over the next 10 years, the population is projected to grow 97.6%.” Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, and Cameron Purse represented the seller, Palladium, and procured the buyer, Quarry Capital.
The property is 37 miles from Dallas, near Lewisville Lake, and close to the Little Elm Park beachfront entertainment area. The Windsong Ranch Marketplace business center, the Stonebriar Mall super-regional mall, and Dallas-Fort Worth International Airport are within a short drive.
Completed in 2023 on 10 acres, The District in Little Elm is a controlled-access community with two swimming pools, private work pods, electric vehicle charging stations and solar benches. Apartments have wood-style flooring, pantries, washer and dryer connections and private patios or balconies. The average unit size is 835 square feet.
"IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Will Balthrope, IPA executive managing director.
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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.