Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Somerset, a 372-unit multifamily asset in Lewisville, Texas.
“The Lewisville submarket has experienced strong multifamily fundamentals, including average occupancy of 95.6 percent in the second quarter of 2020, and over the trailing three months, The Somerset averaged 98 percent occupancy,” said Drew Kile, IPA senior managing director. Kile, IPA’s Joey Tumminello, Will Balthrope, and Asher Hall, in collaboration with Marcus & Millichap’s Bard Hoover and Nick Fluellen represented the seller, LumaCorp, and procured the buyer, Western Wealth Capital. “Built in 1986 in a high-performing submarket, this property has significant value-add potential,” added Tumminello.
The apartment complex is located on the southeast corner of Corporate Drive and Highway 121, six miles from Dallas-Fort Worth International Airport and 10 miles from Dallas. “In 2014, Lewisville adopted a vision plan to continue to make the city an attractive business environment and an ideal place to live, work, and visit,” commented Hoover. “In recent years, Lewisville has attracted major employers, including Xerox, TIAA Financial Services, Sysco, Mary Kay, and Ericsson.” The property’s location gives residents immediate proximity to employers in the Waters Ridge Business Park and Lake Vista Office Center and retail is close by at Lakepointe Towne Crossing, Vista Ridge Village, Vista Ridge Plaza and Music City Mall Lewisville. The 284,530-square-foot community sits on 15.5 acres. Community amenities include two pool areas, a pool cabana, covered parking, and a fully furnished guest suite. The average unit size is 765 square feet.
“Our Texas multifamily market coverage includes every major metro and submarket in the state,” noted Balthrope. “Having one team active throughout Texas was a crucial element in closing this transaction.”