Transwestern Brokers Sale of Dallas-Fort Worth Communities
- Oct 31, 2016
Dallas—Transwestern’s Multifamily Investment Services Group has brokered the sale of two Class B apartment communities in the Dallas-Fort Worth area. Representing the sellers and sourcing the buyers in this deal were Taylor Snoddy, Transwestern’s principal, and Phillip Wiegand and James Roberts, vice presidents.
This transaction marks a milestone for Transwestern, bringing their Dallas Multifamily Investment team to $1 billion in sales volume since 2014.
The two properties are the Residence at Midtown Apartments, a 296-unit community located in Dallas, and Vistas at Lake Worth, a 265-unit community in Fort Worth. Both properties are well equipped with vast amenities including swimming pools, laundry centers, media rooms and more.
Residence at Midtown was acquired by a Houston-based investor for an undisclosed amount. The seller of the property at 11661 Dennis Road was S2 Capital. Vistas at Lake Worth was acquired by Presidium, an Austin-based investment group, also at an undisclosed price. The company plans to renovate both the interior and exterior of the property. Lagovent Ventures Group sold the community, which is located at 6303 Shady Oaks Manor Drive.
“Dallas continues to receive strong interest from local, national and international investment groups that are attracted to the region’s robust economy,” Snoddy said in prepared remarks. “The Dallas-Fort Worth metro currently ranks second in the nation for job growth, and with current occupancy of 95.5 percent, DFW continues to provide outstanding returns for investors.”
Image courtesy of Transwestern