Sentinel Peak Capital Sells 216-Unit Dallas Community
The property previously traded in 2018.
Eleven600, a 216-unit community in Dallas, has recently changed hands for $21 million. Sentinel Peak Capital Partners sold the asset, according to Yardi Matrix data.
The community previously traded in 2018, when Sentinel acquired it from Ashcroft Capital, the same source shows. In 2021, the firm took out a $20.6 million CMBS loan from Wilmington Trust, originated by Jones Lang LaSalle.
Completed in 1981, the garden-style community encompasses 15 two-story buildings spread across almost 11 acres. Units consist of one- and two-bedroom floorplans ranging from 741 to 1,014 square feet. Apartments feature private balconies or patios, as well as washers and dryers in select units.
Common-area amenities include a clubhouse, swimming pool with sundeck, barbecue and picnic area, courtyard and a fitness center. Additionally, the property has a soccer sports court, spa and two laundry facilities.
Located at 11600 Audelia Road, the community is close to a host of dining and retail options, including the Skillman Village shopping center. Downtown Dallas is less than 16 miles away, while Dallas Fort Worth International Airport is 23 miles west. Eleven600 is also some 4 miles from Domain at Midtown Park, a 395-unit asset that also changed hands recently.
Dallas’ multifamily sector cools down
The Dallas metro saw 10 communities—1,980 units—trade year-to-date through March, for almost $300 million, a considerable decline from the 22 communities changing hands for $450.3 million during the same period in 2023, Yardi Matrix information shows. The average price per unit also dropped year-over-year from $152,688 to $127,160.
In March, TWT Multifamily bought a two-property portfolio in Bedford and Euless, totaling 195 units, from a private individual. The company used funds from a $16 million loan originated by The Bancorp Bank for the acquisition.
Two months earlier, Knightvest Capital purchased The Dorian Apartments, a 398-unit community completed in 2008. White Oak Partners was the seller of the Plano asset.
