Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Dylan, an urban apartment complex at 4533 Cedar Springs Road in Dallas. SPI Advisory acquired the asset from a private equity real estate fund advised by Crow Holdings Capital.
“New capital continues to flow into the Dallas-Fort Worth multifamily market at an extremely high level,” said Drew Kile, IPA senior managing director. “This is a very sought-after property and location, and, as always, SPI Advisory, the buyer, followed through on their word to move quickly. They moved from access agreement to purchase and sale agreement in just 10 days, went non-refundable immediately and closed early.”
Kile coordinated with IPA executive managing director, Will Balthrope, and director, Joey Tumminello, to broker the transaction, representing the seller and procuring the buyer. Constructed in 2009 on 3.3 acres, the 147,955-square-foot, controlled-access property has Dallas skyline views and a resort-inspired swimming pool. The average unit size is 1,184 square feet.
“The Dylan offers relative value as investors start to migrate to more suburban investment opportunities,” said Tumminello. “Long term, this type of townhome product with unobstructed views of downtown is irreplaceable. We’ll continue to see a high level of buyer interest as we bring similar infill opportunities to the market this fall.”
The submarket’s strong demographics include average household income that exceeds $100,000, and within a one-mile radius of The Dylan, single-family homes valued at greater than $500,000. The property’s location on Cedar Springs Road gives residents immediate access to Dallas North Tollway, which provides commuters with the ability to reach most destinations within the Metroplex in under an hour. Dallas Love Field Airport is less than five minutes away and Dallas-Fort Worth International Airport is within a half-hour drive.
“IPA’s consistent presence in the Metroplex and our history of completing significant multifamily sales in the metro gives us the edge in matching Dallas assets with buyers from throughout Texas, the Southwest and nationwide,” said Balthrope.