DENVER, CO - Amstar, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients and in conjunction with its partner, The Hanover Company, a national multifamily developer and property manager, announced today the sale of Hanover Cityplace, a 396-unit luxury apartment community in the Uptown submarket of Dallas. The buyer and sale price were not disclosed.
Amstar and Hanover acquired the 4.4-acre site in May 2012 and developed the 5-story property which features three large private resident courtyards, a resort-style swimming pool and a well-appointed lounge area. The unit amenities include Class A finishes such as wood cabinets, stainless steel appliances, granite countertops and full-size washers and dryers.
“The completion and sale of Hanover Cityplace is a perfect example of Amstar’s multifamily develop-to- core strategy. Amstar recognized this opportunity early into the recovery cycle for multifamily and partnered with a best-in-class partner to deliver a Class A community. We look forward to partnering with Hanover on future developments,” said Amstar Managing Director Kim Sperry.
Uptown is one of the most desirable areas in metro Dallas. The property’s location, less than two miles north of downtown Dallas, offers minimal commute times to the central business district and many cultural and entertainment destinations. Cityplace is close to several transit options, as well as abundant retail, restaurants and amenities. Located just two blocks north is the DART (Dallas Area Rapid Transit) Cityplace Rail Station which gives residents superior access to the airport, the medical district and many of the suburban employment centers. In addition, the property benefits from high visibility and excellent ingress and egress from Highway 75.
Paul Harris and Thad Wetterau from Moran & Company represented the seller.
About Amstar: Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Currently, Amstar and its clients utilize perpetual separate account structures which grant the flexibility needed to optimize risk-adjusted returns through multiple market cycles. Amstar is a privately-owned company with over 65 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com.
About Hanover: The Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the development of high quality multi-family residential properties nationwide. With over thirty years experience and an award-winning portfolio of residential high-rise, mid-rise, mixed-use, and suburban projects, Hanover is focused on strategic growth in major markets across the United States. For more information, visit www.hanoverco.com.