Dallas—Sherman Residential, a multifamily specialist based in Chicago, has acquired the 342-unit Maple District Loft in Dallas for an unspecified price from Lang Partners LLC. The property, recently completed, is in Dallas’s Medical District.
The four-floor building is two miles from Dallas Love Field, and two blocks from the nearest DART station, providing residents access to the city’s downtown and the airport. Common amenities include a resort-style swimming pool, fitness center, a sport lounge with outdoor kitchen, outdoor seating with fire pits, and a bocce ball court and life-sized chessboard.
Units feature 10-foot to 12-foot ceilings, stained concrete floors, full-sized washer/dryer, oversized soaking tubs, and quartz and granite slab countertops. Some residences have private rooftop decks.
JLL managing director Jeff Price and senior vice president Jorg Mast represented the seller in the transaction. “Maple District Lofts checks every box on the ‘live, work, play’ checklist: amenities, a transit-oriented location and proximity to areas of employment growth,” said Price.
Dallas’ apartment market has been booming for some time, and now there’s risk of overbuilding, at least in certain submarkets. “Though some areas are expected to suffer supply-side upward pressure on vacancy, the effect will be localized to specific submarkets and overall market vacancy will remain historically low this year,” noted Marcus & Millichap in its 4Q 2016 report on the Dallas multifamily market.