Institutional Property Advisors Brokers Multifamily Sale in Dallas-Fort Worth
October 18, 2024
DALLAS, Oct. 18, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Alto Highland Park, a 112-unit apartment property in Dallas, Texas.
“Alto Highland Park is a generational asset located in Highland Park, the most affluent neighborhood in Dallas,” said Taylor Hill, IPA senior managing director. “Within three miles of the property, the median price of a single-family home or townhouse is over $2.9 million.” Hill and IPA’s Michael Ware, Drew Kile, Joey Tumminello, and Cameron Purse represented the seller, Origin Investments, a leading multifamily real estate fund manager, and procured the buyer, Silverado Interests. Origin acquired Alto Highland Park in late 2018 on behalf of its Growth Fund III.
The property is located near Highland Park Village shopping center and The Dallas Country Club. It has immediate access to Dallas North Tollway. Preston Center, which has 3 million square feet of office space and over 800,000 square feet of retail space, is under four miles from the property.
Built in 2001 and 2007, Alto Highland Park has 57 brownstones with direct access garages and 55 residences that have access to a subterranean parking garage. Community amenities include a resort-style swimming pool, clubhouse, and an outdoor lounge and grilling area. Apartments have high ceilings with crown moldings, natural stone countertops, and walk-in closets. The average unit size is 1,888 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 director.
“Alto Highland Park is a generational asset located in Highland Park, the most affluent neighborhood in Dallas,” said Taylor Hill, IPA senior managing director. “Within three miles of the property, the median price of a single-family home or townhouse is over $2.9 million.” Hill and IPA’s Michael Ware, Drew Kile, Joey Tumminello, and Cameron Purse represented the seller, Origin Investments, a leading multifamily real estate fund manager, and procured the buyer, Silverado Interests. Origin acquired Alto Highland Park in late 2018 on behalf of its Growth Fund III.
The property is located near Highland Park Village shopping center and The Dallas Country Club. It has immediate access to Dallas North Tollway. Preston Center, which has 3 million square feet of office space and over 800,000 square feet of retail space, is under four miles from the property.
Built in 2001 and 2007, Alto Highland Park has 57 brownstones with direct access garages and 55 residences that have access to a subterranean parking garage. Community amenities include a resort-style swimming pool, clubhouse, and an outdoor lounge and grilling area. Apartments have high ceilings with crown moldings, natural stone countertops, and walk-in closets. The average unit size is 1,888 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 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.