North Dallas 152-Unit Community Changes Hands
A Dallas-based partnership acquired Sienna Creek from Madera Residential. The buyer plans to rebrand the property and to implement a value-add strategy. The community is situated within the Richardson Independent School District.
By Razvan Cimpean
Madera Residential sold Sienna Creek, a 152-unit community in north Dallas, to a Dallas-based partnership. Al Silva, senior vice president of investments with Marcus & Millichap’s Fort Worth office, represented the seller. Along with Mark McCoy, an associate of the Silva Multifamily Team, Silva also secured the buyer. The new owner plans to rebrand the property and make some improvements.
The 13-building community is located at 11601 Audelia Road, just north of Interstate 635 and within Richardson Independent School District. Siena Creek offers one- and two-bedroom apartments, with an average size of 827 square feet. Monthly rental rates range between $755 and $1,120, as of April, when the asset was 96.1 percent occupied, according to Yardi Matrix. Amenities include a swimming pool, a spa, laundry facilities and 212 parking spaces.
Madera Residential acquired the property in 2013 from Cash Investment for $3.7 million. The sale was subject to an $4.2 million acquisition and development loan from Happy State Bank, Yardi Matrix data shows.
Earlier this year, Marcus & Millichap’s Al Silva was also involved in the sale of Brook Hollow, a 160-unit Dallas community.
Image courtesy of Yardi Matrix