Dallas Investor Buys Suburban Fort Worth Apartments
- Aug 01, 2012
Dallas—Hayman Woods LLC has completed, though a subsidiary, its acquisition of Bellagio at Beach Street, a 398-unit multifamily property in Haltom City, Texas. The company did the deal using $20.5 million of long-term, fixed-rate Fannie Mae financing.
Bellagio was completed in 2001 and is comprised of 14 residential buildings and a central clubhouse on about 16 acres. The property includes one-, two-, and three-bedroom units ranging from 655 square feet to 1,304 square feet, averaging 882 square feet.
Improvements to the property started being made in the 2000s, adding to its value, according to the buyer. Out of the 398 units, 23 units were fully renovated and 129 units were partially renovated with faux wood flooring, gooseneck faucets, and updated hardware. Hayman Woods plans to continue the renovations as well as making other improvements to the property.
Dallas-based Hayman Woods is an investment advisor and manages discretionary private equity funds, including the Hayman Woods Residential Strategies Fund LP and Hayman Woods Apartment Properties LLC, as well as investment vehicles on behalf of institutions and high-net-worth investors. In recent years, the company has been acquiring multifamily properties in Texas and nearby states, including Arkansas and Arizona.
The metro Dallas-Fort Worth area is one of the stronger multifamily markets among a host of U.S. markets that are doing well. According to investment specialist Marcus & Millichap, employment gains for the region for 2012 will come in at about 3 percent, well above the national average of 1.7 percent, thus creating even more demand on Metroplex apartments.