Blackstone Buys North Dallas Asset
- Apr 21, 2021
The Blackstone Group has acquired the 387-unit Crest at Park Central, Yardi Matrix data shows. Greystar sold the asset after previously purchasing it in 2016 from Lennar Multifamily Communities.
Located at 7929 Churchill Way, immediately south of Interstate 635, Crest at Park Central was completed in 2016. The property is situated some 3 miles from Dallas College Richland Campus, roughly 4 miles from several retail and dining choices at NorthPark Central shopping center and less than 12 miles from downtown Dallas. In 2013, the community received $36.8 million in construction financing from Capital One, according to Yardi Matrix information.
Crest at Park Central comprises a mix of studio, one- and two-bedroom apartments in eight three-story buildings. Common-area amenities include a dog park, two pools and an outdoor kitchen with grilling station.
The Metroplex continued to benefit from the ongoing trend of big companies relocating their headquarters or opening significant offices in the area, according to a recent Yardi Matrix report. Major employers interested in the DFW metro include CBRE, Charles Schwab, Incora and DZS.