SPI, 1031 Partner, Pick Up Dallas Rental Community

Dallas multifamily property, Ivy Urban Living, has been acquired by SPI Advisory, along with its 1031 exchange partners. This transaction serves as the SPI’s 44th acquisition in the DFW metroplex since its inception in 2014.

Multihousing News reports the 228-unit multifamily asset in Dallas is subject to a $27 million CMBS loan from U.S. Bank, originated in 2020 by JLL and set to mature in 2030, according to Yardi Matrix data. Frontline Capital Partners sold the property, having purchased it in 2017.

Completed in 1988, the community comprises 11 three-story buildings which incorporate studio, one-, two- and three-bedroom floorplans ranging from 550 to 960 square feet. Apartments feature 9-foot vaulted ceilings and private balconies or patios, along with in-unit washers and dryers and wood-burning fireplaces in select layouts. Common-area amenities include a 24-hour fitness center, two swimming pools, a spa and six laundry facilities. Located at 4211 Cabell Drive, the property is near Highway 75 and Interstate 345, as well as some 2 miles from downtown Dallas.