Centennial Buys 354-Unit Dallas Community
The Class A property came online in 2015.
Centennial Holdings Co. has acquired Midtown Cedar Hill, a 354-unit multifamily property in Cedar Hill, Texas. Beachwold Residential sold the Dallas-area asset.
Institutional Property Advisors represented the seller, procured the buyer and arranged acquisition financing. The borrower obtained an early rate lock, securing an under 5 percent, interest-only agency loan.
The Class A property previously traded in July 2019, when Beachwold acquired it from Price Realty, according to Yardi Matrix information.
Located at 365 Uptown Blvd., Midtown Cedar Hill is close to multiple retail destinations and less than 1 mile from the city center. Downtown Dallas is within 18 miles, while DFW International Airport is 23 miles northwest.
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Completed in 2015, the garden-style community consists of 14 three-story buildings across more than 13 acres. Apartments have one-, two- and three-bedroom floorplans THAT range between 671 and 1,902 square feet. Select layouts also have private balconies or patios.
Common-area amenities include a swimming pool, clubhouse, business center, spa, fitness center and media room. The property also has a rooftop terrace, a sundeck and picnic areas with barbecue grills.
IPA Senior Managing Directors Joey Tumminello, Michael Ware and Taylor Hill, along with Executive Managing Director Drew Kile and Associate Director Cameron Purse, represented the seller. IPA Capital Markets Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant and Managing Director Harry Krieger arranged the financing.
DFW sales grow year-over-year
The Metroplex registered $3.2 billion in sales from the 167 communities that traded year-to-date as of September, Yardi Matrix data shows. This marks a considerable increase from last year, when the multifamily transaction volume amounted to $2.8 billion during the same time frame. About 35 percent more units changed hands year-over-year.
In August, Millburn & Co. bought a 349-unit community in Mansfield, Texas, also in an IPA-brokered deal. Completed last year, the property is 32 miles from downtown Dallas.
A month earlier, a partnership between SPI Advisory and FCP purchased Crest Manor, a 600-unit property in Lewisville, Texas. The community came online in two phases, in 2010 and 2016.
