Institutional Property Advisors Closes Metroplex Multifamily Asset Sale
December 20, 2024
IRVING, Texas, Dec. 20, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 801 LasCo, a 422-unit multifamily property in the Las Colinas master-planned community in Irving, Texas.
“The property is a stabilized asset located in Dallas-Fort Worth’s second-largest employment hub,” said Joey Tumminello, IPA senior managing director. “The surrounding area features more headquarters per capita than anywhere in the United States, a daytime population over 200,000, and nearly 40 million square feet of office space.” Tumminello and IPA’s Drew Kile, Michael Ware, Taylor Hill, and Shelby Clark represented the seller, a life insurance company, and procured the buyer, Shelter Asset Management.
The property is adjacent to Lake Carolyn, near the University of Dallas. The Irving-Las Colinas area has a daytime population of over 200,000, and more than 2,000 corporate offices, including 30-plus Fortune 500 companies, nine of which are corporate headquarters. The Irving Convention Center, The Shops at MacArthur Hills, and The Shops at Cypress Waters are nearby.
Completed in 2018, 801 LasCo is a four-story, controlled-access asset with a 24-hour fitness center, resort-style swimming pool with sun deck, and a putting green. The unit mix of one-, two- and three-bedroom apartments have large windows, 10-foot-to-14-foot ceilings, and washers and dryers. The average unit size is 883 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.
“The property is a stabilized asset located in Dallas-Fort Worth’s second-largest employment hub,” said Joey Tumminello, IPA senior managing director. “The surrounding area features more headquarters per capita than anywhere in the United States, a daytime population over 200,000, and nearly 40 million square feet of office space.” Tumminello and IPA’s Drew Kile, Michael Ware, Taylor Hill, and Shelby Clark represented the seller, a life insurance company, and procured the buyer, Shelter Asset Management.
The property is adjacent to Lake Carolyn, near the University of Dallas. The Irving-Las Colinas area has a daytime population of over 200,000, and more than 2,000 corporate offices, including 30-plus Fortune 500 companies, nine of which are corporate headquarters. The Irving Convention Center, The Shops at MacArthur Hills, and The Shops at Cypress Waters are nearby.
Completed in 2018, 801 LasCo is a four-story, controlled-access asset with a 24-hour fitness center, resort-style swimming pool with sun deck, and a putting green. The unit mix of one-, two- and three-bedroom apartments have large windows, 10-foot-to-14-foot ceilings, and washers and dryers. The average unit size is 883 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.