IPA Closes Dallas Multifamily Sale
- Sep 10, 2020
Institutional Property Advisors has closed the disposition of The Dylan, a 125-unit community in Dallas. Senior Managing Director Drew Kile, Executive Managing Director Will Balthrope and Director Joey Tumminello negotiated on behalf of the seller, Crow Holdings Capital and sourced the buyer, SPI Advisory.
The new owner financed the purchase with a $19.8 million loan from Newmark Knight Frank. The Freddie Mac note is scheduled to mature in 2030, according to Dallas County records. The asset last traded in 2015, when Crow Holdings acquired it from Canyon Capital Realty Advisors, Yardi Matrix shows.
Located on 3 acres at 4533 Cedar Springs Road, the community encompasses seven buildings completed in 2009. The unit mix has one- and two-bedroom apartments ranging between 787 and 1,659 square feet. Amenities include a business center with a conference room, swimming pool and gym.
The Dylan is a short distance from the Dallas North Tollway and 5 miles north of the city center. Additionally, the community is within 2.5 miles of the Parkland Hospital and the UT Southwestern Medical Center.
In August, Institutional Property Advisors arranged the $20 million sale of Verona Court, a 141-unit community in Phoenix. A joint venture between Dalan Management and VM Management sold the asset to SB Real Estate Partners.