Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village of Rowlett, a 249-unit, transit-oriented, mixed-use residential and retail development in Rowlett, Texas.
“Rowlett is the eighth-fastest growing city in the country, and Village of Rowlett is one of the city’s just five Class A multifamily assets,” said Drew Kile, IPA senior managing director. Kile and IPA’s Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond represented the seller, Catalyst Urban Development, and procured the buyer, Buchanan Street Partners. “Built in 2018, the property has been resilient through years of high supply and as deliveries leveled off, the location has proven to be the best in the submarket,” added Tumminello. “The market placed a premium on that aspect of the opportunity and the advantages it can provide long term.”
Located on President George Bush Turnpike in Rowlett’s downtown district, Village of Rowlett is within walking distance of a Dallas Area Rapid Transit station and 20 minutes from Downtown Dallas. Major employers in the Dallas-Fort Worth area include JPMorgan Chase, Uber Technologies, Allstate Insurance, Keurig Dr. Pepper and Reata Pharmaceuticals. The property has 16,588 square feet of retail, 13 live-work units, and 27 townhomes. Select units have 20-foot vaulted ceilings, covered patios and enclosed yards. Outdoor amenities include a swimming pool with sun deck, a pet park, and an urban community garden.
“IPA covers every submarket in the Metroplex and all markets in Texas with one multifamily team and this was an important factor in the completion of this closing,” added Balthrope.