DALLAS, March 7, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Churchill on the Park, a 448-unit garden-style multifamily asset located in North Dallas.
“This beacon asset is in a one-of-a-kind infill location near heavy drive-by traffic and high-income job centers,” says Will Balthrope, executive director. “The property has tremendous value-add upside and is well positioned to provide new ownership with long-term stability and value appreciation.”
Balthrope, Drew Kile, senior director, and Joey Tumminello, associate, represented the seller, a New York-based pension fund advisor and procured the buyer, TH Real Estate.
“Churchill on the Park’s proximity to major transportation arteries and employment centers will allow the buyer to capitalize on one of the nation’s premier job growth markets,” adds Kile.
The property is located near one of Dallas’ busiest intersections, the Interstate 635/U.S. Highway 75 interchange. Residents are minutes away from major employment centers including Cityline, the Galleria, Medical City Dallas Hospital and the proposed new Dallas Midtown urban living and retail center development. Galleria Dallas, North Texas’s premier shopping destination is less than four miles away. Built in 1999, Churchill on the Park’s community amenities include controlled access gates, a resort-style swimming pool, fitness center and theater room. Average unit size for the property’s one- and two-bedroom apartments is 868 square feet.
“Churchill on the Park has been considered an anchor asset for this neighborhood since its inception,” notes Tumminello. “The new owner will continue the current value-add program and position the asset to compete with new supply in the immediate submarket.”