Gables Residential has sold Gables Uptown Trail, a 334-unit luxury community in Dallas, to MORE Residential, according to Yardi Matrix data. The buyer took a seven-year, $43.5 million Freddie Mac loan from NorthMarq Capital to finance the acquisition. Recently, NorthMarq also arranged a $25 million refinancing package for a community in eastern New Mexico, near the border with Texas.
Located at 2525 Carlisle St. in the city’s Uptown submarket, Gables Uptown Trail is roughly a mile and a half from downtown Dallas. The community provides easy access to both Interstate 35 East and U.S. Highway 75. The asset is within half a mile of more than 2 million square feet of Class A office space, per Yardi Matrix data, with another 1.8 million square feet under construction, or in permitting stages.
Opened by Gables Residential in 2013, the community contains a mix of one-, two- and three-bedroom apartments, with unit floorplans ranging from 521 to 2,140 square feet. Property amenities include a business center, a fitness center, a swimming pool, a community lounge and complimentary common-area Wi-Fi. More than 500 parking spaces are available for residents in an attached multi-level garage.
Image courtesy of Yardi Matrix