Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Coventry Apartments, a 240-unit apartment property in the Dallas-Fort Worth suburb of Denton, Texas.
“Denton has seen extraordinary growth in recent years and the city continues to invest in infrastructure projects like the recently completed expansion of Interstate 35,” said Drew Kile, IPA senior managing director. Kile, IPA’s Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond represented the seller and procured the buyer, SPI Advisory. “Previous ownership upgraded a small percentage of the unit interiors, paving the way for the buyer to continue and expand the apartment enhancement program,” added Tumminello.
The property is near access to Interstate 35 and close to The University of North Texas and Texas Women’s University. Rayzor Ranch, Denton’s newest mixed-use development, which has upscale retail, residential, office, hotel, medical, and entertainment is three miles away. Shopping is nearby at Denton Square and Londonderry Village. Denton’s major employers include Peterbilt Motors, Texas Health Presbyterian Hospital and Sally Beauty Company Inc. Completed in 2001 on eight acres, the property has a mix of one-, two- and three-bedroom apartments with nine-foot ceilings.
“IPA’s unique ability to source more private and institutional investors buyers and cover all major metros Texas with one team was a fundamental element in the success of this closing,” added Balthrope.