Transwestern Sells $85M Portfolio in DFW
- Feb 23, 2017
Transwestern’s Dallas-based multifamily investment services group recently closed transactions in the amount of $85 million on six communities in North Texas, encompassing 1,600 units. Taylor Snoddy, principal, and Philip Wiegand and James Roberts, vice presidents of Transwestern, represented the sellers and also sourced the buyers on these transactions, which closed in the last weeks of 2016.
North Park Terrace, a 310-unit community located at 8662 Park Lane, along with Pecan Tree, a 173-unit community located at 3001 Kendale Drive in Dallas, were acquired by Aronson Elliot, a New York-based investment group, from CCC&R Investment Group. North Park Terrace was built in 1973 and features two swimming pools, tennis court, three laundry facilities, outside storage and offers one- and two-bedroom units. At the time of the transaction, the occupancy rate was 95 percent. Pecan Tree was built in 1974 and offers one- and two-bedroom units across 10 buildings. The sale price of the portfolio remained undisclosed, but according to Yardi Matrix data, the properties are subject to a loan in the amount of $21.5 million held by Hunt Mortgage Group.
Situated at 238 E. Oates Road in Garland, within walking distance of grade schools, Parque del Sol offers 200 one-, two- and three-bedroom units. The asset built in 1981 features a tennis court, swimming pool, a clubhouse and playground, having a current occupancy of 97.5 percent. Ashcroft Capital, a New York-based investment group, bought the property from Tri-Pro and benefited from a Fannie Mae loan in the amount of $12.8 million through.
Eastfield Plaza, a 216-unit community located at 2626 John West Road in Mesquite, was acquired by Oregon-based Windmill Investments for an undisclosed amount, the sale being subject to a $3.1 million loan held by Fannie Mae. The property features a business center, swimming pool, a clubhouse and private balcony/patios. The new owner plans extensive renovations to the property, which was completed in 1974.
Located at 2200 Taxco Road and 2200 Ridgmar Plaza in Fort Worth, Woods of Ridgmar was built in 1969 and offers 235 units with one-, two, and three-bedroom floor plans. The community features three swimming pools and laundry facilities, partially covered parking, a clubhouse and private balcony/patios, and was purchased by Financial Attunement from NSpire Assets. According to Yardi Matrix, the property is subject to a Fannie Mae loan in the amount of $13.5 million.
The last property is 34 Hundred, a 484-unit community located on a 14.8-acre site at 3400 Varsity Drive in Tyler. The community was completed in 1980 and was acquired by a Dallas-based investment group, which intends to undergo extensive interior and exterior renovations. Financial details of the transaction remained undisclosed.
“These transactions represented a wide range of local, national and international buyers, with demand driven by Dallas-Fort Worth’s strong job growth and rent increases,” said Snoddy in a prepared statement. “We received strong investor interest despite the uncertainty from the election and the spike in interest rates.”
Images courtesy of Yardi Matrix