PAC Sells 300-Unit Dallas Community
Steadfast Cos. paid about $44 million for Enclave at Vista Ridge, a Class A community located in a northwestern suburb of Dallas. The sale was subject to a $29.1 million Fannie Mae loan.
By Razvan Cimpean
Preferred Apartment Communities sold Enclave at Vista Ridge, a Class A community located 25 miles north of Dallas, to California-based Steadfast Cos. The 300-unit property changed hands for about $44 million.
According to Yardi Matrix data, the sale was subject to a $29.1 million loan originated by PNC Bank and held by Fannie Mae. The property achieved an average annualized return of approximately 15.6 percent.
Located on nearly 15 acres at 2701 MacArthur Blvd. in the Lewisville suburb of Dallas, the 11-building community was completed in 2013. The property offers one-, two- and three-bedroom apartments ranging in size from 680 square feet to 1,292 square feet. Monthly rental rates at Enclave at Vista Ridge start at $921 for a one-bedroom and go as high as $1,509 for a three-bedroom unit.
Common area amenities include a fitness center, a swimming pool, a business club, a clubhouse, a spa and laundry facilities. The community also features more than 600 parking spaces.
Preferred Apartment Communities acquired the community in 2014 from JTL Properties as part of a portfolio sale that included nearly 1,400 units. Earlier this year, the company purchased Claiborne Crossing, a 242-unit, Class A community in Louisville, Ky.
Image courtesy of Yardi Matrix