RockFarmer Enters Dallas With Value-Add Play
- Jun 18, 2021
RockFarmer Properties has purchased two communities in the Dallas neighborhood of Lake Highlands from Ashcroft Capital. NorthMarq arranged the off-market transaction of the 196-unit 98Fifty and the 244-unit Apex on behalf of both parties, while also arranging financing for the buyer. The two properties are located next to each other.
The previous owner had financed the acquisition of the communities back in 2017 with the help of two Fannie Mae CMBS loans in the amount of $10.4 million for 98Fifty and $13.4 million for Apex, Yardi Matrix data shows.
This is the first Dallas multifamily acquisition for RockFarmer Properties. The roughly 40-year-old communities are slated to undergo an extensive renovation program.
North Dallas allure
Apex, located on an 8.5-acre lot at 9911 Whitehurst Drive, comprises 13 two- and three-story buildings. Floorplans include studios, as well as one- and two-bedroom apartments ranging from 440 to 1,240 square feet. On-site amenities include a cyber café, laundry facility, swimming pool, barbecue area, playground and dog park, as well as 294 parking spaces.
Situated at 9850 Whitehurst Drive on 8.2 acres, 98Fifty encompasses 24 two-story buildings offering 1164,040 rentable square feet. The property includes one- and two-bedroom apartments and studios, with sizes from 550 to 1,012 square feet. Amenities include a swimming pool, playground, café, laundry room, grilling area and dog park. The property also offers 315 parking spots.
The Lake Highlands neighborhood is served by the Richardson Independent School District and Lake Highlands Highschool, located 3 and 2 miles, respectively, from the two communities. The Royal Highland Plaza shopping mall is also nearby. The communities are some 12 miles north of downtown Dallas.
Dallas is the country’s leader for multifamily development, with nearly 49,000 units underway as of May, followed by Washington, D.C, and Miami. North Dallas continues to be the metro’s most dynamic area, concentrating more than half of North Texas’ multifamily projects.