IRVING, TX-With construction set to wrap up next month, the Hanover Co. is putting a 341-unit residential trophy on the market. The no-minimum scenario conceivably could draw $200,000 per unit for a now 56%-leased, waterfront asset in the Las Colinas Urban Center.

"We're not going to outguess the market by trying to put a price on it," Will Balthrope, senior director for Cushman & Wakefield of Texas Inc.'s multi-housing group, tells GlobeSt.com, "although the rents that are being achieved would justify nearly $200,000 per unit." He and C&W senior director Don Ostroff plan to start the marketing blitz this week for the Lofts at Las Colinas, positioned on 5.4 infill acres at 1050 Lake Carolyn Parkway.

Hanover's merchant build is a four-story mid-rise with one- and two-bedroom units, averaging 1,035 sf, and a $1.63 per sf or $1,689 monthly rent average. "This is the nicest product outside of Uptown Dallas," Balthrope says. "We had to look to Uptown for comparable rents."

Despite the built-in appeal for condo converters, Balthrope and Ostroff plan to target the rental sector, running a well-rounded blitz to institutions, REITs, private investors to drum up deep-pocketed offers for the Houston-based Hanover. "We're positioned toward rental buyers. We're not going to target condo converters although we're certain many will come and look at this asset," he says.

The call for offers will be April 20. "Given the traction in Dallas' rental market at the present time, coupled with investor demand to buy assets in Dallas/Fort Worth, we hope to have a very good turnout of players vying to buy this trophy asset," he says.

The "heart of Las Colinas" positioning builds in buyer interest for its irreplaceable location in a recognized turf of corporate headquarters. "For all the reasons that Las Colinas is a world-class destination, those same reasons apply to the desirability of this asset to live in or buy," Balthrope says.