Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Sylvan Thirty, a 201-unit multifamily asset in Dallas, Texas.
“Sylvan Thirty has effectively served as the catalyst of growth for the entire West Dallas-Oak Cliff submarket for the past cycle,” said Drew Kile, IPA senior managing director. “The property was one of the first multifamily assets developed in the submarket and major developers have followed.” Kile and IPA’s Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope represented the seller, Arc Capital Partners, and procured the buyer, Polaris Real Estate Partners.
“Prominently positioned in a highly visible location, Sylvan Thirty gives the buyer an exceptional opportunity to grow revenue through unit enhancements and organic rent growth,” added Tumminello.
Residents of Sylvan Thirty have access to 14 shops and dining options right outside their front door and are close to Trinity Groves and the Bishop Arts District, which have many popular restaurants, bars, and entertainment venues. The Dallas central business district, the largest concentration of employment in the Metroplex, and the Medical District, home to some of the nation’s top medical facilities and 58,000 employees and students, are easily accessible from the property.
Completed in 2015 on six-plus acres, the property has a curb-less, LEED-registered design with mini-parks and plazas and unique design elements such as permeable surfaces and bioswales for storm water management. Community amenities include a covered parking garage, a fully furnished guest suite and an outdoor active area. Apartments have large climate-controlled closets, nine-to-10-foot ceilings and are pre-wired for cable and internet. Select units have sealed concrete flooring, spa-style showers, and oversized terraces. The average apartment size is 856 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.