Performance Partners Acquires Linda Vista Apartments in Dallas
- Nov 05, 2014
Dallas—A Performance Properties LLC-headed partnership has purchased the 370-unit Linda Vista Apartments in North Dallas.
With this acquisition and the previously purchased Vista Buena Apartments, the partnership has added nearly 800 units on 27 acres along the Cottonwood Trail, a hiking and biking amenity, since late last year. Both communities are situated in a neighborhood renowned for its easy freeway access in all directions.
The properties are located in the northwest quadrant of the $261 million High Five Interchange, Dallas-based Performance Properties reported.
Across its 18 buildings, 35-year-old Linda Vista Apartments features a mix of efficiencies and one- and two-bedroom units averaging 667 square feet in size.
Performance Properties is in the process of completing a $1 million renovation at Vista Buena, and will soon launch a $700,000 renovation of Linda Vista. Included will be building exterior, common area and unit interior improvements.
In addition to its location near major freeways, Linda Vista offers a number of other geographic advantages. It is close to a station on the Dallas Area Rapid Transit light-rail station, and not far from shopping, dining and 17 million square feet of office and technology space. In addition, it is part of Richardson Independent School District, one of the top-flight school districts in the area.
Recreational amenities including a clubhouse, children’s play area and pool help contribute to the fact Linda Vista Apartments is 98 percent leased.
“Being across Central Expressway from Texas Instruments and at the base of the Telecom Corridor with more than 82,000 jobs, we believe this location is a very strategic investment, especially given the fact that the LBJ Freeway reconstruction is close to being completed,” says David McQuaid, president of Performance Properties.
“We’ve been watching this neighborhood improve steadily over the last three to five years. During that time, Performance Properties recognized the infill potential to create density along Maham Road and generate returns for its investors through strategic acquisition, renovations, economies of scale and three- to five-year holds.”
Performance Properties principal Todd White paired with McQuaid to represent the investment group in the acquisition of Linda Vista Apartments from KV7 Copper LLC. The seller’s broker was Taylor Snoddy of Transwestern Dallas.
“It’s an incredible location for our residents to raise their families, educate their children in a good school system and have great access to major employment centers,” White says.
Performance Properties was drawn to the North Dallas neighborhood because of the demographic opportunities offered, including the third highest multifamily occupancy in this area of the Metroplex.
Other compelling factors include demand-fueled strength in rental rates, limited new building and a daytime population of 140,000 workers. At the crux of the company’s strategy is the region’s stellar performance in absorption, rent momentum and mid-class housing needs.