California Investor Expands Texas Portfolio
Creative Realty Partners acquired a 117-unit Dallas multifamily asset from Wellington Realty. The sale was subject to a $5.8 million loan from Hunt Mortgage Group.
By Razvan Cimpean
Wellington Realty sold La Bella Palms Apartments, a 117-unit Dallas community, to Creative Realty Partners, a company with offices in Beverly Hills, Calif. and Irvine, Calif. According to Yardi Matrix calculations, the property is valued at $7.7 million. The sale was subject to a $5.8 million loan from Hunt Mortgage Group.
Located at 9450 Royal Lane, the six-building asset is in proximity to multiple public transportation, shopping and dining options, including 7-Eleven and Henderson Chicken. Additionally, La Bella Palms is half a mile from Moss Haven Elementary School and two miles away from Lake Highlands High School.
The asset offers one-, two- and three-bedroom apartments, with sizes ranging from 525 to 1,029 square feet. Rents start at $625 and go up to $967, as of May, when the community was 92.3 percent occupied. La Bella Palms features a clubhouse, tennis court, volleyball court, swimming pool and 250 parking spaces.
Caleb Jones, Tammy Shaffer and David Shaffer of Wellington Realty procured the buyer, which has a history of multifamily purchases in Texas, and arranged the transaction. Last month, Brokerage Associate Caleb Jones mediated the sale of The Falls Apartments, a 208-unit Dallas market rate community.
“Lake Highlands is one of the more dynamic sub-markets in DFW,” Jones said in a prepared statement. “Located on the corner of Royal and Abrams, La Bella Palms is a true value-add property due to the growth and gentrification of Lake Highlands.”
Image courtesy of Wellington Realty