Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Canopy at South Lakes, a 240-unit apartment property in Denton, Texas.
“Denton’s population grew 3.4 percent in the past year and the average multifamily occupancy has been 97.33 percent,” said Joey Tumminello, IPA senior managing director. “These demographics, coupled with positive trends in employment, business creation, and household income support a strategic value-add opportunity for new ownership.” Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, and Will Balthrope represented the seller, SPI Advisory, and procured the buyer, Bridwell Capital.
The property is located off Interstate 35E, under six miles from the Rayzor Ranch mixed-use development and close to the 187-acre South Lakes Park recreational area. The University of North Texas and Texas Women’s University are nearby and Westpark Industrial Park, a 1,500-acre, master-planned business development, is within proximity. Major employers in Denton include Peterbilt Motors, Denton State Supported Living Center and Texas Health Presbyterian Hospital.
Constructed in 2001 on nine acres, Canopy at South Lakes is a gated, controlled-access complex with a business center, swimming pool, volleyball court and fitness center. Apartments have dishwashers, balconies, and walk-in closets.
“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.
