SPI Advisory sold Canopy at South Lakes, a 240-unit multifamily community in Denton, Texas, sooner than they had expected. SPI’s Sean Mabarak explains, “The sale generated a return that exceeded our five-year total project return estimate in just two years, which is a phenomenal result for our investors.” An IPA team of Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, and Will Balthrope represented SPI in the transaction and procured the buyer, Bridwell Capital.

SPI acquired the property from Western Securities in 2021. According to Yardi Matrix, the asset became subject to a $29.1 million commercial mortgage-backed security loan in 2022 originated by Colliers Mortgage.

Completed in 2002, the garden-style community comprises 10 three-story buildings which incorporate one-, two- and three-bedroom floorplans. Common-area amenities encompass a fitness center, clubhouse, swimming pool, dog park and volleyball court, along with 520 parking spaces.

The apartment community was initially acquired in February 2021 as part of a two-property portfolio, in which its partner property, The Venture, was sold December 2022.