Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 801 LasCo, a 422-unit multifamily property in the Las Colinas master-planned community in Irving, Texas.
“The property is a stabilized asset located in Dallas-Fort Worth’s second-largest employment hub,” said Joey Tumminello, IPA senior managing director. “The surrounding area features more headquarters per capita than anywhere in the United States, a daytime population over 200,000, and nearly 40 million square feet of office space.” Tumminello and IPA’s Drew Kile, Michael Ware, Taylor Hill, and Shelby Clark represented the seller, a life insurance company, and procured the buyer, Shelter Asset Management.
The property is adjacent to Lake Carolyn, near the University of Dallas. The Irving-Las Colinas area has a daytime population of over 200,000, and more than 2,000 corporate offices, including 30-plus Fortune 500 companies, nine of which are corporate headquarters. The Irving Convention Center, The Shops at MacArthur Hills, and The Shops at Cypress Waters are nearby.
Completed in 2018, 801 LasCo is a four-story, controlled-access asset with a 24-hour fitness center, resort-style swimming pool with sun deck, and a putting green. The unit mix of one-, two- and three-bedroom apartments have large windows, 10-foot-to-14-foot ceilings, and washers and dryers. The average unit size is 883 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 Will Balthrope, IPA executive director.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
