A Dallas apartment investor has snapped up a rental community near the Cityplace development.
The Ivy apartments are just east of North Central Expressway off Haskell Avenue. Built in 1988, the property includes 228 apartment units on a more than six-acre site.
The apartments are near the new Central mixed-use development, which is under construction with a high-rise rental building and other planned towers.
“We are excited about the future prospects of The Ivy,” SPI Advisory principal Michael Becker said in a statement. “It’s in a great submarket with major redevelopment projects and some of the city’s best restaurants and nightlife nearby. Ivy provides the East Dallas renter with an upgraded unit at an affordable rental rate, which is hard to come by today in in-town Dallas.”
The property includes a swimming pool, fitness center, business center and clubhouse. Rents in the community average $1,385 a month.
The apartments were marketed for sale by Jones Lang LaSalle and are more than 93% leased.
The transaction included a $29 million loan.
With the Ivy purchase, SPI Advisory owns 15 Dallas-Fort Worth area apartment communities with almost 3,400 units. The company was founded in 2014 and also has an office in Austin.
D-FW leads the country in apartment investment with more than $2 billion in sales, according to estimates from MSCI Inc.