Presidium Buys 516-Unit Multifamily Community in the Country’s Top Submarket
- Apr 26, 2016
Dallas—Presidium Group LLC sealed the deal for a Villas on Forest Springs, a 516-unit addition to its already extensive Dallas multifamily footprint. Located at 9450 Forest Springs Drive, in the northeastern part of the city, at the intersection of Forest Lane and Abrams Road, the 1970s property is the firm’s second acquisition in this submarket (after Thread Apartments in 2014). The sales price was approximately $34.7 million, according to Yardi Matrix, though the amount remains unconfirmed.
Location is one of the property’s main assets, as it’s set close to I-635 and Highway 75 and in the vicinity of Texas Instruments’ corporate headquarters, The Medical City Children’s Hospital and Forest Park Medical Center, all major employers in the area.
“With real estate valuations reaching all-time highs, we are focusing our deal sourcing efforts through the off-market channels where real estate is often undervalued. This deal represents an excellent opportunity to achieve above-market returns on a very well located asset,” said Nick Dyer, COO of Presidium.
Common amenities include controlled access, a fitness center, a business center, clubhouse, swimming pool, three laundry facilities and 1,000 parking spaces, according to the Yardi Matrix Index. Average rent per unit is $815, a notable increase from last year. The company plans to do extensive renovations at The Link, including aesthetic improvements to the exterior and amenities.
According to the most recent Yardi Matrix Market Analysis, Dallas is the number one secondary real estate market in the country, with a total multifamily transaction volume of $3.9 billion.
Presidium is a large multifamily owner and operator in Texas, having acquired and repositioned about 6,000 apartment units in the state’s major markets since 2013. Recently, the company also purchased Balcones Club in Austin, Texas, and Willow Cliff Lakeshore Apartments in Oklahoma City.
Image courtesy of Yardi Matrix