This article originally appeared in Multi-Housing News.
July 13, 2021
Institutional Property Advisors facilitated the sale of the 249-unit community in Rowlett, Texas.
Catalyst Urban Development has sold Village of Rowlett, a 249-unit community in Rowlett, Texas, to Buchanan Street Partners. Institutional Property Advisors facilitated the sale on behalf of the seller.
The 2018-completed property is part of a mixed-use, transit-oriented development that includes a retail component comprising 16,588 square feet, as well as 13 live-work units and 27 townhomes.
Located at 4500 Southridge Drive, the community is within walking distance of the Downtown Rowlett transit station and just 20 minutes from downtown Dallas. The George Bush Turnpike, one of the area’s main arteries, is easily accessible at less than 1 mile away.
The property features studio to two-bedroom floorplans, with units ranging from 623 to 1,250 square feet, according to Yardi Matrix data. Amenities at Village of Rowlett include a swimming pool with sun deck, a pet park, a business center, a fire pit and an urban community garden. Several shopping and retail options are also within walking distance.
The Dallas-Fort Worth market is benefiting from a robust construction pipeline this year, with nearly 49,000 units underway across 184 projects, as of May. The metro’s population growth is driving demand for new inventory.
Major employers in the Dallas-Fort Worth area include JPMorgan Chase, American Airlines, Facebook, Uber Technologies, Allstate Insurance and Keurig Dr. Pepper.
An IPA team of Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond represented the seller in the deal.
The firm recently represented Alliance Residential Co. in the sale of two multifamily assets, located in North Dallas and North Richland Hills, totaling 1,358 units.