Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of The Lex, a 144-unit multifamily asset in the Lake Highlands neighborhood of Dallas, Texas.
“Lake Highlands was a high-performing submarket last year and we expect that trend to continue in 2023,” said Taylor Hill, IPA senior vice president. “In the second quarter, rent grew 17.2 percent and occupancy was 95.5 percent.” Hill and IPA’s Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse represented the seller, GVA Real Estate Group and procured the buyer, Dunleer. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk arranged acquisition financing.
The Lex is located along Interstate 635, across the street from Thurgood Marshall Elementary School. Downtown Dallas is a short commute away and Garland Business Park, Dallas College Richland Campus, and Texas Instruments’ headquarters are nearby. Shopping is close by at Lake Highlands Town Center and Highland Park Village.
Built in 1984, The Lex is a gated, two-story garden-style property with covered parking, outdoor grilling stations, complimentary bicycle rentals and a resort-style pool. There are six different floorplans, and the average unit size is 825 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.
