SPI Advisory Announces Sale of Parker Apartments After Six Years of Ownership

SPI Advisory Announces Sale of Parker Apartments After Six Years of Ownership

PRESS RELEASE | April 4th, 2024

SPI Advisory, LLC

SPI Advisory, LLC ("SPI"), the Dallas and Austin-based multifamily private equity firm, and its Dallas-based investment partner, CR Capital, LLC, announce the successful close of the sale of the Parker Apartments in Tyler, Texas, marking the completion of a successful six-year period of ownership.

 
The Parker

PARKER APARTMENTS

5105 Old Bullard Rd., Tyler, TX 75703

 

Acquired by SPI and CR Capital in 2018, Parker Apartments, a Class-B, 192-unit apartment complex located at 5105 Old Bullard Road, underwent a transformative journey under SPI and CR Capital’s stewardship. Over the years, SPI and CR Capital implemented extensive renovations, enhancing the property’s appeal and marketability. These renovations included premium unit upgrades, modernization of the leasing office, revitalization of the pool and tennis court areas, installation of a package locker system, and more.

“We are thrilled to have successfully concluded the sale of Parker Apartments after six years of dedicated ownership,” stated Michael Becker, Principal at SPI Advisory. “Our team’s commitment to enhancing the property’s value and providing exceptional living experiences for residents has been instrumental in achieving this milestone.”

Located within proximity to key economic hubs such as the University of Texas at Tyler, Broadway Square Mall, and Mother Frances Hospital, Parker Apartments offers residents unparalleled convenience. The property’s comprehensive amenity package includes stainless steel appliances, in-unit washers and dryers, private backyards and patios, valet waster service, and a range of community features such as a resort-style swimming pool, business center, clubhouse, tennis court, and more, which further enhances its appeal.

Despite evolving market dynamics, the sale of Parker Apartments underscores the enduring strength of the Tyler multifamily market, and SPI Advisory and CR Capital’s continued success in navigating the changing market conditions reaffirms their position as leaders in the industry.

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About SPI Advisory, LLC

SPI Advisory is a Texas-based multifamily private equity firm founded in 2014 & headquartered in Dallas, TX with a second office in Austin, TX. SPI transforms the way high-net-worth investors from across the country identify, assess, secure, & sell high-yield, tax-efficient multifamily real estate investments across the Texas region by offering tailored joint venture partnership & advisory services as well as democratized passive investing opportunities in institutional-quality multifamily assets to their increasingly diverse client base. Read more here.

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Press ReleaseSPI MarketingSPI Advisory, Multifamily, Michael Becker, Texas Multifamily, Sean Mabarak, Disposition, Sale, PA, Tyler TX, CR Capital, Class B, CR Capital LLC, SPI Advisory LLC