37th Parallel Properties has acquired a multifamily community in the Wylie, Texas, submarket of Dallas-Fort Worth. Creekside South is a 252-unit asset completed in 2015. 37th Parallel purchased the property from Harbor Group International off-market, which bought the apartments in 2018, according to Yardi Matrix data. The sale price was undisclosed.
Creekside South was acquired through 37th Parallel’s inaugural fund, 37P – Fund I. The fund is over 85 percent invested and closed to new investment in early 2022. This is the eighth community purchased through 37P – Fund I, which focuses on properties in the Southeast and Texas.
Cutt Abelson with Berkadia aided in securing debt financing from a global life insurance company on behalf of 37th Parallel for the purchase. Doug Fraser led acquisition efforts.
Creekside South houses one-, two- and three-bedroom apartments with an average size of 936 square feet. Units include private patios and balconies. Community amenities include a pool and attached garages.
37th Parallel now owns over $235 million in assets in the Dallas-Fort Worth metro, comprising of more than 1,000 units. In May, it bought a 344-unit Fort Worth community. The firm expects to surpass $1 billion in transaction volume by the end of 2022.
Dallas multifamily costs rise
The Wylie submarket is increasing in demand. Located near Dallas, the area has access to 18 of the top 25 corporate relocations in 2020, Dan Chamberlain, managing partner at 37th Parallel, said in prepared remarks.
Average pricing for a single-family home has grown 49 percent in the last year, while the population of Wylie has grown 43 percent in the last 11 years. This percentage is twice as high as the Dallas-Fort Worth metro in general. Per unit price rose 22.4 percent year-over-year in the Dallas metro for multifamily.