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| 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.
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| 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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