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Uber-walkable apartment community in Dallas gets familiar new owner

Uber-walkable apartment community in Dallas gets familiar new owner

Teresa Gubbins, Dallas CultureMap

July 3rd, 2023


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.

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.

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