Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Manhattan, a 228-unit multifamily asset located in Dallas, Texas.
“The Manhattan is a fully renovated apartment complex with a high barrier-to- entry location within the rapidly expanding Far North Dallas submarket,” says Will Balthrope, IPA executive director. “Multifamily product of this vintage in the area has experienced 7 percent-plus annual rent growth over each of the past two years.” Balthrope, along with IPA senior director Drew Kile and IPA associate Joey Tumminello, represented the seller and procured the buyer.
“Previous ownership upgraded nearly all of the interior units and spent more than $1.4 million in the past three years improving the exterior,” comments Kile. “The new owner is in a great position to continue building up the revenue stream over the life of the investment period.”
The community is located with nearly 500 feet of frontage on Frankford Road near the intersection of Preston Road and Frankford Road at 18331 Roehampton Drive in Dallas. The Shops at Willowbend, a 1,390,000-square- foot shopping mall, is less than 15 minutes away and the University of Texas at Dallas is two-and- one-half miles away. Major local employers include Frito-Lay Inc., Hewlett-Packard, J.C. Penney, Denbury Resources Inc., Alliance Data Systems Corp. and Dr. Pepper Snapple Group Inc.
The Manhattan’s many community amenities include two eco-friendly pools and spas, a rebuilt athletic facility and a business center.