Sunday, December 7, 2014

IPA Arranges Development Site Sale in Dallas, TX

Will Balthrope
DALLAS, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of an approximately six-acre development site off Fort Worth Avenue in Dallas. The terms of the sale were not released.

IPA executive director Will Balthrope and IPA director Drew Kile facilitated the sale. The buyer is Trammell Crow Residential. 

“The areas surrounding the site, including Uptown, the Dallas Design District, Victory Park, North Oak Cliff and Downtown Dallas, have all recently experienced a significant amount of redevelopment activity, especially in the multifamily sector,” says Balthrope.

Located at 641 Yorktown St., the parcel is situated between two mixed-use developments, Sylvan Thirty, which will have 201 multifamily units and 50,000-square- feet of retail and a Wood Partners project featuring 252 multifamily units and 14,329 square feet of retail. The location is less than two miles from downtown Dallas and down the hill from the historic Belmont Hotel.

Drew Kile
“This is another example of the outward expansion of the Uptown apartment boom,” adds Kile.  “As quality sites become scarce and construction and land costs continue to rise, developers are looking just outside of Uptown for the next opportunity to serve the needs of the rapidly growing renter demographic in Dallas.”

The Dallas central business district is home to more than 20 percent of the Dallas/Fort Worth Metroplex’s region’s employment base, nearly 40 million square feet of office space and more than 2,500 businesses with over 130,000 employees. 

The site has convenient access to nearby highway systems, including Interstate 30, which is located less than a quarter mile to the south and Interstate 35, which is less than two miles to the east.
 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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