Dallas-Fort Worth Asset Sells for $65M
An entity associated with the Troesh Family Foundation purchased the property.
Quarry Capital has purchased The District in Little Elm, a 324-unit luxury asset in Little Elm, Texas, from Palladium USA. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
The property sold for $65.3 million. Moreover, the buyer, an entity associated with the Troesh Family Foundation, also assumed the outstanding balance of a $49.8 million HUD loan originated by Berkadia in 2021, public records show.
Planet Smart City and Hodges Architecture joined Palladium in developing the 43,351-square-foot community that debuted last year on some 10 acres. The District in Little Elm encompasses one- to three-bedroom floorplans, ranging from 534 to 1,318 square feet, across two buildings.
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Apartments have smart-home features, 9-foot and above ceilings and walk-in closets, to name a few, with select units including wrap-around balconies and mud rooms. Community amenities comprise two swimming pools, a business center, a gym, a dog spa and walking areas, as well as 12,000 square feet of retail space, among others.
Located at 300 Lakefront Drive, The District in Little Elm is roughly 8 miles south of U.S. Route 380, while downtown Dallas is some 35 miles southeast. Several parks and quick-service restaurants are within walking distance.
Less than 1 mile away, Palladium developed The Village at Lakefront. The community debuted in 2018 and Palladium subsequently sold it in 2020 to ChadNic Properties, Yardi Matrix data shows.
IPA Senior Managing Directors Joey Tumminello, Taylor Hill and Michael Ware, alongside Executive Managing Director Drew Kile and Associate Cameron Purse, represented the seller and procured the buyer.
Multifamily transactions in the Metroplex taper off
Upward of 8,300 units changed hands in the Metroplex year-to-date through May, Yardi Matrix data shows. As investors continue facing economic headwinds, this year’s figure marked a sharp, 40 percent decline from last year’s unit count, which landed north of 13,800 during the same interval.
One of the transactions that closed this year was CIM Group’s disposition of Lennox at West Village, a 159-unit asset in Dallas. REM Property Group purchased the community with bridge financing amounting to $27.5 million issued by Pender Capital, according to Yardi Matrix.
