SPI Advisory Grows Metroplex Footprint
The asset is subject to a $27 million CMBS loan.
Ivy Urban Living. Image courtesy of SPI Advisory
SPI Advisory, along with its 1031 exchange partners, has acquired Ivy Urban Living, a 228-unit multifamily community in Dallas. The asset is subject to a $27 million CMBS loan from U.S. Bank, originated in 2020 by JLL and set to mature in 2030, according to Yardi Matrix data. Frontline Capital Partners sold the property, having purchased it in 2017, the same source shows.
Completed in 1988, the community comprises 11 three-story buildings which incorporate studio, one-, two- and three-bedroom floorplans ranging from 550 to 960 square feet. Apartments feature 9-foot vaulted ceilings and private balconies or patios, along with in-unit washers and dryers and wood-burning fireplaces in select layouts. Common-area amenities include a 24-hour fitness center, two swimming pools, a spa and six laundry facilities.
Located at 4211 Cabell Drive, the property is near Highway 75 and Interstate 345, as well as some 2 miles from downtown Dallas. It is also close to the Baylor University Medical Center. Within walking distance of the community, there are numerous retail and dining options.
SPI Advisory’s DFW presence
The purchase of Ivy Urban Living brings SPI Advisory’s portfolio in the area to 15 properties, or a total of nearly 3,400 units. This was also the 44th acquisition in the Metroplex since the firm’s inception in 2014. Recently, the company sold a 240-unit community in the metro. Over the course of last year, transaction activity in Dallas slowed, reaching a low of $1.4 billion in the fourth quarter, but still registering a $10.1 billion volume for the whole year, a recent Yardi Matrix report shows.
