Ranch at Ridgeview, Pecan Square Apartments Change Hands
- Sep 17, 2012
Ohio-based Connor Group recently announced the sale of the Ranch at Ridgeview in Plano, marking the fourth deal the company has completed in the past six months. The property was sold to investor Caf Rar Spe L.L.C. of Frisco. Terms of the sale were not disclosed.
Connor Group owned the 288-unit Ranch at Ridgeview since 2006, when the company bought it for $21.7 million, according to Collin County Business Press.
The deal fit into the firm’s operational model of buying underperforming properties, “improving their operations and value, and selling them at a return for investors,” said Larry Connor, managing partner of The Connor Group, as quoted by the Dallas Business Journal.
According to an official statement, Connor Group owns about 16,000 apartments in several states – including six in the Dallas-Fort Worth area.
A second multi-family deal in Dallas was the purchase of the 440-unit Pecan Square Apartments at 3535 Webb Chapel Road. PS Apartments L.P., represented by Dallas-based Knightvest Capital, is the new owner of the apartment community, as reported by the Dallas Morning News. The financing included a $10 million Fannie Mae loan.
Taylor Snoddy, Mark Freemand and Philip Wiegand of Transwestern Dallas brokered the sale of the 30-year-old complex, which was 95 percent occupied, according to Citybizlist.com.
A Marcus & Millichap report on the apartment market in the Dallas / Fort Worth Metroplex indicates a healthy recovery of the market, with almost 8,100 units coming online in 2012 and a rapidly expanding development pipeline that will deliver more units next year. The median sales price rose to $42,700 per unit (see chart at left), attributable in part to fewer distressed property sales. At the same time, though, values increased, thanks to strengthening operations and heightened demand.
Photo credits: www.bncrealestate.com
Chart courtesy of Marcus & Millichap