Origin Sells 112-Unit Dallas Community
The property came online in two phases in 2001 and 2007.
Origin Investments has sold Alto Highland Park, a 112-unit multifamily property in Dallas, in a deal brokered by Institutional Property Advisors. Silverado Interests acquired the asset.
The buyer took out a $38.5 million acquisition loan from Argentic, according to Yardi Matrix information. The asset formerly traded in August 2018, when Origin purchased it from Gables Residential on behalf of its Growth Fund III.
The community came online in two phases in 2001 and 2007 and consists of 57 brownstones and 55 residences across 17 two- and three-story buildings. The unit mix consists of one-, two-, three- and four-bedroom floorplans ranging from 1,167 square feet to 2,989 square feet. Apartments feature walk-in closets and private balconies or patios.
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Common-area amenities at the almost 5-acre property include a swimming pool, clubhouse, outdoor lounge and grilling area. Additionally, the property has a playground, a fitness center, a coffee bar and less than 240 parking spaces.
Located at 4201 Lomo Alto Drive, the community is within 2 miles of a host of dining and retail options, including the West Village shopping center. Downtown Dallas is within 4 miles, while the DFW International Airport is some 17 miles away.
Dallas multifamily sales remain steady
Year-to-date through September, Dallas saw 93 multifamily assets changing hands totaling about 20,535 units, Yardi Matrix information shows. These figures are consistent with the multifamily transactions activity registered during the same timeframe in 2023, when 97 properties—more than 21,000 units—traded.
In September, Origin Investments’ Delaware Statutory Trust acquired The Starling, a 300-unit community in Princeton, Texas. The community came online in 2022 and was previously owned by the NRP Group.
A month before, a partnership between Waterford Property Co. and The Vistria Group purchased Axis Kessler Park, a 299-unit property in Dallas. The venture paid $67 million for the asset and converted it into affordable housing.
