Weidner Apartment Homes Enters Dallas Market
- Jun 18, 2021
Weidner Apartment Homes has purchased two upscale communities in metro Dallas. The acquisitions include Arpeggio Apartments in Dallas, previously owned by Greystar Worldwide, and The Lofts at Watters Creek in Allen, Texas, from Jones Lang LaSalle Americas Inc.
According to Yardi Matrix data, the Allen asset was subject to a recently matured $119.1 million loan provided by Bank of America in 2018, while the Dallas property is subject to $43.8 million CMBS loan with a 10-year term provided by M&T Bank.
The 3.88-acre Arpeggio Apartments community comprises a five-story building with 377 units. Apartment sizes range from 451 to 1,215 square feet, with 31 combinations of studios and one- and two-bedroom floorplans. Units include a washer and dryer, walk-in closets, balconies and wood cabinets. Residents have access to a swimming pool, clubhouse, business center, gym and dog walking area.
Located at 2425 Victory Ave. in Victory Park Entertainment District, the community is close to the city center’s recreational and cultural venues, including several cinemas, the Perot Museum of Nature and Science and the Dallas Museum of Art.
The Lofts at Watters Creek consists of three buildings sitting on a 17.37-acre lot. The community encompasses 341 units with 45 different combinations for its one- to three-bedroom apartments. Unit sizes range between 836 and 1,575 square feet.
Community amenities include two pools, a business center, a clubhouse and a gym, as well as an outdoor lounge and grilling area.
The Lofts at Watters Creek is located at 935 Garden Park Drive, 24 miles north of downtown Dallas. The community is situated in a mixed-use residential area with ground-floor retail, including cafés and restaurants, cosmetic and clothing retailers, as well as beauty salons.
The acquisition of Arpeggio Apartments and The Lofts at Watters Creek marks Weidner Apartment Homes’ first foray into one of the nation’s top multifamily markets for construction activity.
With a 20.4 demographic increase over the past decade, Dallas has also benefited from the presence of large tech companies looking to relocate to states with a business-friendly climate and tax environment.
The metro’s rental rates continued to recover from last year’s pandemic-related drop, gaining 0.2 percent on a trailing three-month basis as of January. At the beginning of the year, multifamily developers delivered 4,246 units, while another 49,000 units were underway. The majority of these new apartments cater to Lifestyle renters, the latest Dallas Yardi Matrix report shows.