A new owner was named for a 228-unit apartment community ideally situated less than a block away from retail locations and public transportation — a walkers’ paradise.
Upon taking ownership in an undisclosed deal on June 30, Dallas-based property investment firm SPI Advisory made Ivy Urban Living its 15th multifamily residential acquisition in Dallas-Fort Worth.
SPI’s portfolio boasts apartment communities across the Lone Star State, including Austin, San Antonio, and Tyler.
Nestled in Uptown just off Haskell Avenue and to the east of Highway 75, Ivy Urban Living was previously known as Park Gates at Cityplace until it was rebranded in 2018.
Erected in 1988, it is a Class-B+ institutional-quality apartment community, which determines its rental rates.
While not considered top-of-the-line in the Dallas rental market, which has become increasingly competitive, as covered in The Dallas Express, Ivy’s walker-friendly location is an undeniable draw.
“Located within walking distance from local shopping, dining, and entertainment, our Dallas apartment community offers all the conveniences of city living,” Ivy’s website states.
Nearby, residents can easily walk to the Cityplace DART Rail station, Kroger, Target, Bank of America, LA Fitness, and more.
Ivy also offers a range of amenities, including a 24/7 fitness center, two swimming pools, a sundeck, a grilling station, and a clubhouse.
Apartment units also feature patios or balconies, 9-foot vaulted ceilings, USB ports, pendant lighting, quartz countertops, and stainless steel appliances. Some have options like a wood-burning fireplace, built-in bookshelves, or a smart home package.
Moreover, the Ivy’s Class B+ rating keeps rents low.
“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,” explained Michael Becker, SPI’s principal, according to Culture Map Dallas.
As The Dallas Express recently reported, the average apartment size a renter with $1,500 could afford is approximately 805 square feet in Dallas after rents saw a 21% increase from the start of the pandemic.
Prospective residents at Ivy can choose from floorplans ranging from a cozy one-bedroom, one-bath unit measuring 550 square feet priced at $1,083 to a spacious three-bedroom, two-bath unit spanning 960 square feet for approximately $2,500.
