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Tuesday, April 20, 2021

Real Deals: Apartments sold


Denton apartment sold

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has announced the sale of The Coventry Apartments, a 240-unit apartment property in Denton.

“Denton has seen extraordinary growth in recent years and the city continues to invest in infrastructure projects like the recently completed expansion of Interstate 35,” said Drew Kile, IPA senior managing director. Kile, IPA’s Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond represented the seller and procured the buyer, SPI Advisory.

“Previous ownership upgraded a small percentage of the unit interiors, paving the way for the buyer to continue and expand the apartment enhancement program,” Tumminello said.

The property is near access to Interstate 35 and close to The University of North Texas and Texas Women’s University.

Fort Worth multifamily asset sells

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has announced the sale of Kelley at Samuels Ave, a 353-unit multifamily asset in one of the oldest neighborhoods in Fort Worth.

“Among Kelley at Samuels Ave’s extraordinarily unique attributes are an infinity-edge pool that overlooks the Trinity River and Downtown and a leasing center and clubhouse that is a Recorded Texas Historic Landmark,” said Drew Kile, IPA senior managing director. “The landmark is the Garvey House, a Queen Anne Victorian home that was built in 1884 and remodeled to attract new residents to Kelley at Samuels Ave and the revitalized Samuels Avenue neighborhood.”

Kile, IPA’s Joey Tumminello and Will Balthrope represented the sellers, Embrey and DDelta Real Estate Investments. “The property is one of only five newly constructed assets in downtown Fort Worth with surface parking,” said Tumminello. “The additional revenue streams associated with this amenity increased the property’s appeal and made the bidding process exceptionally competitive.”

The Samuels Avenue neighborhood was established on a bank of the Trinity River shortly after Fort Worth grew from an abandoned military fort into a town. The streets, with rows of Victorian-era homes, are less than one mile from downtown.

Kelley at Samuels Ave’s amenities include a reservable guest suite, an outdoor kitchen, a bike shop, bike storage and dog park with pet spa. The apartments, which average 913 square feet, have garden-style soaking tubs, linen closets, and full-size washers and dryers. Select units have direct access garages and private, fenced backyards.

“The property’s appeal was vividly demonstrated by exceptional leasing velocity that in 2020 averaged 20 leases per month,” said Balthrope. “A key aspect of our success in arranging the transaction is our ability to cover all major Texas markets with one dedicated team.”

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