RICHARDSON, TX –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Venue (top left photo), a 285-unit, 283,577-square foot, transit-oriented development in the Telecom Corridor area of Richardson, an affluent North Dallas suburb. The terms of the sale were not released.
Will Balthrope (middle right photo), an IPA senior director, and Lindsay Allen, an IPA director, represented the seller, Legacy Partners Residential Development and The General Investment & Development Cos. (GID) The buyer was Illinois-based Amli Residential.
“The Venue is an extremely high-profile property,” says Balthrope. “We had three public real estate investment trusts bidding for it fiercely.”
“Almost every major apartment owner in the country was tracking this sale,” adds Allen.
The property is located at 2301 Performance Drive, 100 yards from a DART rail stop in the Galatyn Park urban center on U.S. Highway 75
Developed in 2008 by Legacy Partners, the Venue is a “distinctive urban resort-style residential property,” according to Balthrope. The design incorporates a musical/theatrical theme to complement the nearby Charles W. Eisemann Center for Performing Arts and Corporate Presentations (lower left photo). The asset also includes approximately 6,000 square feet of retail space.
The 285-unit, four- and five-story mid-rise includes 35 luxury floor plans averaging 995 square feet in size.
The Telecom Corridor is a large concentration of technology firms and other businesses located along U.S. Route 75 between Interstate 635 and President George Bush Turnpike.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716 http://www.institutionalpropertyadvisors.com/
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