Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Broadstone Knox District, a 333-unit, seven-story multifamily asset in the Knox-Henderson neighborhood of Dallas, Texas.
“The most walkable neighborhood in Dallas, Knox-Henderson attracts the highest-quality office tenants and retailers,” said Michael Ware, IPA director. Ware and IPA’s Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope represented the seller, Alliance Residential Company and the real estate business within Goldman Sachs Asset Management, and procured the buyer, an undisclosed institutional investor. “High-end demographics, like an average single-family home price greater than $1.3 million, and average annual income that surpasses $130,000, help make the neighborhood one of the most affluent in the Metroplex,” added Kile.
The property is within walking distance of many restaurants, retailers, grocers, bars, coffee shops, and the Katy Trail. Weir’s Plaza development, which has 250,000 square feet of office space, boutique retailers, restaurants and six levels of underground parking is a short walk away. Access to Highway 75 is nearby and there is over 20 million square feet of Class A office space recently completed, planned, or under construction in the immediate area. “Due to the favorable supply and demand environment in the Uptown submarket, the set of competitive assets for Broadstone Knox District has been able to maintain strong occupancy while increasing revenue,” noted Tumminello.
Built in 2021 on more than five-and-half-acres, the property’s stacked site plan provides residents with five courtyards and large balconies for select units. Community amenities include a business lounge with a private conference room and coworking stations, a reserved-space parking garage and sky lounge. Apartments have nine-to 12-foot ceilings, full-size washers and dryers, and custom cabinetry. The average unit size is 806 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 Balthrope.