Mansfield, Texas – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Dolce Living at Mansfield, a 334-unit multifamily community in Mansfield, Texas. The terms of the sale were not disclosed.
IPA executive director Will Balthrope and IPA associate director Drew Kile advised the seller, DLC Residential. The buyer is Advenir.
“Investor activity was very strong despite interest rates moving more than 1 percent during the sales process,” says Balthrope. “Eighty-five prospective buyers requested the offering memorandum; we conducted 31 tours and received 19 offers from qualified investment groups."
“The volatility in the capital markets did not deter the ultimate purchaser,” adds Balthrope. “We could not have asked for a better buyer.”
“Investors were attracted to this asset by the strength of the Mansfield submarket and its desirability within the Metroplex as a great place to live,” Balthrope concludes.
“We are seeing a large shift in capital to suburban markets as investors seek higher yields with less competition,” puts in Kile. “Mansfield fits the mold perfectly for those seeking a stable tenant demographic with long-term growth projections.”
Built in 2012 on 18.6 acres, the property is located at 370 North State Highway 360 in Mansfield. The property is adjacent to the Mansfield National Golf Club, which provides golf course views to many residents. The city of Mansfield has a top-rated school system and the average household income is nearly twice the national average.
Dolce Living at Mansfield offers an extensive list of luxury amenities and highly desirable unit features, including custom cabinetry, stainless-steel appliances and island-style kitchens with granite countertops. The community also features a well-appointed business center, a state-of-the art fitness center and a swimming pool.