372-Unit Dallas Community Commands $53M
- Apr 02, 2019
BSR Real Estate Investment Trust has acquired the 372-unit Wimberly in Dallas for $53.1 million. According to Yardi Matrix data, the community last traded in 2015 as part of a five-property portfolio. Back then, a joint venture of Block Multifamily Group, Balfour Beatty Communities and Harbert Management Corp. purchased the asset. Per Collin County records, BSR REIT assumed the existing $32.6 million CMBS financing, which is set to mature in 2025.
Completed in 1995 on a roughly 17-acre site, the gated community at 4141 Horizon N. Parkway consists of one-, two- and three-bedroom apartments in three-story buildings. Through George Bush Turnpike and Dallas North Tollway, residents have quick access to the corporate headquarters of American Airlines and other major employers in the area such as Liberty Mutual Insurance, JPMorgan Chase and Toyota U.S.
Common-area amenities at the 18-building asset include three swimming pools, a spa, a fitness center, an outdoor fireplace and a business center. Per Yardi Matrix, the property was 93.8 percent leased as of February.
The purchase marks the fourth acquisition for the REIT since completing its initial public offering on the Toronto Stock Exchange last May. Other transactions included the acquisition of the 334-unit Riverhill in Grand Prairie, Texas, the 237-unit Towne Park at Har-Ber in Springdale, Ark., and the 200-unit Brandon Place in Oklahoma City. The REIT’s portfolio now totals 10,823 units spread across 51 multifamily assets.