IPA Facilitates North Dallas Apartment Sale

Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond assisted the seller and sourced the buyer.
Hanover Midtown Park. Image courtesy of Institutional Property Advisors

Institutional Property Advisors has arranged the sale of Hanover Midtown Park, a 422-unit community in Dallas. Senior Managing Director Drew Kile, Executive Managing Director Will Balthrope, Director Joey Tumminello and Associate Grant Raymond negotiated on behalf of the seller, The Hanover Co., and sourced the buyer, Waypoint Real Estate Investments.

Located on 5 acres at 8250 Meadow Road, the four-story building was completed in 2018. In July 2016, MidFirst Bank provided the seller with a $46 million development loan for the project, according to Yardi Matrix data. The unit mix has studio, one-, two- and three-bedroom floorplans between 484 and 1,476 square feet. The amenity package includes a resort-style swimming pool, fitness studio, business center and clubhouse.

The property is a short distance from Texas Health Presbyterian Hospital Dallas and 3 miles from Medical City Dallas. Situated close to U.S. Highway 75, which also provides access to Interstate 635, the community is 10 miles north of downtown Dallas.

In November, Waypoint Real Estate Investments finalized the $121 million disposition of a 660-unit portfolio in Charlotte, N.C. Greystar acquired the two properties.

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