Apartment News
Uber-walkable apartment community in Dallas gets familiar new owner
Ivy apartment building with drought-resistant landscaping.
A Dallas apartment complex in the ultimate walkable location has new owners: Called The Ivy, it's a 228-unit property at 4211 Cabell Dr. and was acquired by SPI Advisory and its 1031 partners on June 30.
Located in Uptown, just off Haskell Avenue, and east of US-75, it was built in 1988 and until 2018, was known as Park Gates at Cityplace. Its most recent owner rebranded it to the Ivy, AKA Ivy Urban Living.
Floorplans currently range from a 1-bedroom 1-bath 550-square-foot unit for $1,083 to a 3-bedroom 2-bathroom 960-square-foot unit for about $2,500.
The units feature stainless steel appliances, French door refrigerators, quartz countertops, pendant lighting, smart home technology, full-size washer-dryer connections, large patios & balconies, and they accept some cats and dogs.
It's ranked as a "Class-B+ institutional-quality apartment community." Multifamily buildings are classified for the purposes of getting a loan and determining rental rates. A Class-B building has "good quality construction but with an exterior and interior amenity package that could be dated or less than what is offered by properties in the high end of the market."
But Class B whatever: it's literally a block away from Kroger, Target, Ross Dress For Less, PetSmart, Bank of America, and an LA Fitness — basically every essential you would ever need, and less than a mile from the Cityplace DART Rail station.
SPI Principal Michael Becker says that "Ivy provides the East Dallas renter with an upgraded unit at an affordable rental rate, which is hard to come by today in in-town Dallas."
Ivy Urban Living is SPI’s 15th current property under management in DFW, and represents their 44th acquisition in the DFW metroplex since their inception in 2014. Other recent aquisitions include the Skyline Farmers Market building, the 5 Mockingbird building at 5555 E. Mockingbird Ln., the Dylan on Cedar Springs Road in Dallas, and other communities in Arlington, Fort Worth, Richardson, Denton, Austin, and San Antonio.
