DALLAS, Dec. 10, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Hanover Midtown Park, a 422-unit apartment asset near Preston Hollow in Dallas, Texas.
“Hanover Midtown Park is surrounded by the most affluent neighborhoods in the Metroplex,” said Drew Kile, IPA senior managing director. “The median listing price of a single-family home within a three-mile radius of the property is $900,000.” Kile and IPA’s Will Balthrope, Joey Tumminello, and Grant Raymond represented the seller, Hanover Company and procured the buyer, Waypoint Real Estate Investments. “This submarket was hindered by a wave of 3,000-plus units delivered over the last five years that caused a competitive, concession-driven market in 2018 and 2019,” added Tumminello. “Now that the new supply has been fully absorbed, the future for potential revenue growth and concession mitigation became clear to the market. Our team was able to showcase these factors and highlight a rare physical aspect of Hanover Midtown Park; the ability of residents to surface park, which is highly unusual among core infill products in Dallas.”
Nearby Interstate 635 and U.S. Highway 75 connect Hanover Midtown Park’s residents to major employment and retail centers throughout Dallas. The Walnut Hill DART Station, which is within a 10-minute walk, provides access to DFW International Airport and Greater Dallas. The community is close to Texas Health Presbyterian Hospital Dallas, Medical City Dallas, and many other healthcare providers. Southern Methodist University and shopping venues, including Preston Hollow Village, Shops at Park Lane and NorthPark Center are nearby.
Completed in 2018 on 11 acres, the four-story property has a resort-style pool and a lawn with a bocce ball court and ping pong, among many other community amenities. Apartments have nine-foot ceilings and average 895 square feet in size.
“We cover every neighborhood in Dallas, all parts of the Metroplex and every major Texas metro with one team,” said Balthrope. “Our ability to serve investors in all these markets with a single team was a key element in closing this transaction.”