Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Riley, a 262-unit multifamily property with five retail spaces located in the CityLine mixed-use development in Richardson, Texas.
“The Riley’s location within walking distance of more than 3 million square feet of office space, many retailers, restaurants, and a grocery store is the definition of a ‘live, work, play’ environment,” said Drew Kile, IPA senior managing director. Kile, IPA’s Joey Tumminello, Will Balthrope and Grant Raymond represented the seller, JLB Partners, and procured the buyer, TTI Capital.
“The Richardson submarket has experienced an exceptional amount of new supply over the past five years,” added Tumminello. “However, the future is bright for asset performance given the sharp decrease in short-term deliveries. This should present a great opportunity for the ownership group in a superior environment to backfill the retail and build revenue.”
The property is in Central Dallas-Fort Worth at the intersection of Interstate 75 and President George Bush Turnpike, 20 minutes north of Downtown Dallas and within walking distance of the CityLine-Bush Station Dallas Area Rapid Transit (DART) light rail station. Nearby major employment centers include Legacy Central, Granite Park, Legacy West, and the Frisco North Platinum Corridor. The CityLine development has 2.5 million square feet of leased Class A office space. Tenants including State Farm, Raytheon, Texas Health Resources, and Children’s Medical Center total nearly 13,000 on-site employees.
Apartments at The Riley have hand-scraped hardwood floors, private balconies, 10-and 11-foot ceilings, and walk-in closets with custom shelving. The main courtyard has a resort-style pool with a covered veranda and tanning areas, and an outdoor lounge. Other amenities include grilling areas, a dog park, a fitness and wellness center and a Wi-Fi café with serving bar and TV. The five-story property was constructed in 2018.
“Surrounded by high-profile employers, The Riley is sure to see a steady stream of qualified renters for years to come,” said Balthrope. “IPA’s coverage of multifamily markets throughout Texas is accomplished by a single team and that factor was an important element in the success of this closing.”