MEPT Acquires 218-Unit Apartment Tower in Uptown Dallas
- Oct 08, 2012
Multi-Employer Property Trust (MEPT) recently announced the purchase of Mondrian Cityplace, a 218-unit apartment community in Uptown Dallas. The acquisition represents an important asset in MEPT’s portfolio, as it strives to increase its allocation in the apartment sector. The property is located in Uptown Dallas, one of the strongest rental markets in the United States.
Mondrian Cityplace, 98 percent leased at the time of the sale, is a Class A property with amenities and features that are well matched to serve the renter demographic in Uptown. According to an MEPT news release, common-area amenities include 24-hour concierge and door service, controlled access, a pool and a garden with an outdoor fireplace and BBQ area. Additionally, there are more than 19,000 square feet of ground-floor retail space and 456 parking spaces for tenants and retail customers.
The units themselves feature 40 different floor plans, with high-end finishes that average 1,432 square feet – significantly larger than the average unit size in the submarket, according to Bentall Kennedy. Plans call for adding sustainable features to the seven-year-old property in order to make it more energy efficient.
In 2012 alone, Bentall Kennedy has completed more than $400 million in acquisitions for MEPT, according to Paul Boneham, executive vice president & head of U.S. transactions for Bentall Kennedy, one of North America’s largest independent real estate investment advisors. Terms of the sale were not disclosed.
The 20-story community was sold by USAA Real Estate Co., which was represented in the deal by Holliday Fenoglio Fowler L.P. Greystar will continue to manage and lease the property, according to the Dallas Business Journal.
Photo credits: Hotpads.com