Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of LTD West Commerce in Dallas, Texas.
“Offered with an attractive loan assumption opportunity, the property is a stabilized mixed-use asset surrounded by the 250-acre Harold Simmons Park project, which broke ground in April,” said Drew Kile, IPA executive managing director. Kile and IPA’s Taylor Hill, Joey Tumminello, Michael Ware, and Shelby Clark represented the seller, Sackman Enterprises, and procured the buyer, RPM Living Investments.
The property is just west of Downtown Dallas, within walking distance of retail and entertainment at Trinity Groves. Residents can access nearby employment centers via Interstate 30. Major employers in the Dallas central business district include AT&T, Comerica, Deloitte, Goldman Sachs, JPMorgan Chase, Baylor University Medical Center, and the Dallas Medical Center.
Completed in 2018, LTD West Commerce is a four-story asset with an enclosed parking garage, two elevators, a resort-inspired swimming pool, and an indoor/outdoor sky lounge with views of Downtown Dallas. Apartments have stainless-steel appliances, custom cabinetry, and full-size washers and dryers. The average unit size is 801 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.
