The Dallas-Fort Worth suburb of Denton has experienced extraordinary growth in recent years. As a result, the city continues to invest in infrastructure projects such as the recently completed expansion of Interstate 35.
And, multifamily investors have taken notice. A recent example is the Coventry Apartments, a 240-unit apartment property that was recently acquired by SPI Advisory.
Drew Kile, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and IPA’s Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond represented the seller and procured the buyer, SPI Advisory.
“Previous ownership upgraded a small percentage of the unit interiors, paving the way for the buyer to continue and expand the apartment enhancement program,” says Tumminello.
The property is near access to Interstate 35, and close to the University of North Texas and Texas Women’s University. Rayzor Ranch, Denton’s newest mixed-use development, is three miles away.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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