By D.C. Stribling, Contributing Editor
Michaelson Real Estate Group and a private equity investor have acquired Chesapeake Apartments, a 126-unit apartment community at 11620 Audelia Rd. in Dallas for an unspecified price. The property is 98 percent occupied.
Built in 1982, Chesapeake features one- and two-bedroom apartments in four different floor plans, with carpeted or upgraded vinyl floors, vaulted ceilings, wood-burning fireplaces and private balcony/porches. Units also include full-sized washer/dryer connections.
Common amenities include two pools, a business center, picnic area, gated access and reserved covered parking. Major renovations have been done recently to the property’s roof, and the building features a new exterior, new exterior painting and wood trim.
Bigger in Texas
Michaelson recently expanded its multifamily business into Texas. The company now operates nine Texas apartment communities in Dallas and San Antonio.
Apartment development in the DFW Metroplex is still brisk, though it has slowed down a bit recently. So far this year, according to CBRE data, 11,822 units came online throughout Dallas-Ft. Worth, and the area will see over 38,000 new units through the end of 2019.
Absorption is so strong—with Dallas and environs adding a lot of jobs—that apartment occupancy marketwide is still high. As of the second quarter, the Metroplex apartment market enjoys 95.7 percent occupancy.