CIM Group Sells 159-Unit Dallas Community

The asset previously traded in 2013.

The community at 3700 Cole Ave. in Dallas.
Lennox at West Village Apartments is part of a mixed-use development totaling 178 units and 125,000 square feet of retail space. Image courtesy of Northmarq

Lennox at West Village Apartments, a 159-unit community in Dallas, has recently changed hands. CIM Group sold the property, according to Yardi matrix information. Northmarq brokered the deal for the seller.

The asset previously traded in July 2013, when CIM Group bought it from CWS Capital Partners, the same source shows.

The four-story building came online in 2000. The unit mix consists of studio, one-, two- and three-bedroom floorplans, ranging between 458 and 2,520 square feet. Apartments feature stainless steel appliances and private balconies or patios in select units.

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Common-area amenities at the more than 6-acre property include a swimming pool with sundecks, residents lounge, cyber coffee bar and a fitness center. Additionally, the community has a dog park, spa, courtyard with outdoor lounge, cabana-style beds, barbecue grilling stations and dining area.

Located at 3700 Cole Ave., the community is part of the West Village mixed-use development, which consists of 178 apartments and around 125,000 square feet of retail space. The property is 4 miles from downtown Dallas, while the DFW International Airport is some 17 miles away.

The Northmarq team arranging the sale included Regional Managing Director Taylor Snoddy, Senior Vice President Eric Stockley and Vice President Charles Hubbard.

Dallas transaction volume almost halves year-over-year

Dallas saw 20 communities—about 3,385 units—trading year-to-date through April, according to Yardi Matrix information. This marks an almost 50 percent drop since the same timeframe last year, when 35 multifamily properties totaling almost 7,070 apartments changed hands.

Last month, Sentinel Peak Capital Partners sold Eleven600, a 216-unit Dallas asset, for $21 million. The property traded before in 2018, when Sentinel acquired it from Ashcroft Capital.

Other notable deals in the area include LivCor’s sale of Domain at Midtown Park, a 395-unit property in North Dallas. Waterford Property Co., Northern Liberties and The Vistria Group, in partnership with Dallas Housing Finance Corp., purchased the community using funds from a $46.8 million Freddie Mac loan.

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