Denton Apartments Flip Quick for SPI Advisory

Denton Apartments Flip Quick for SPI Advisory

Mike Boyd, ConnectCRE

March 15th, 2023

 
Canopy at South Lakes Apartments

CANOPY AT SOUTH LAKES, “Canopy”

“SPI Advisory sold Canopy at South Lakes, a 240-unit multifamily community in Denton, Texas, sooner than they had expected. SPI’s Sean Mabarak explains, “The sale generated a return that exceeded our five-year total project return estimate in just two years, which is a phenomenal result for our investors.” An IPA team of Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, and Will Balthrope represented SPI in the transaction and procured the buyer, Bridwell Capital.

The apartment community was initially acquired in February 2021 as part of a two-property portfolio, in which its partner property, The Ventura, was sold December 2022.”

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