SVN Brokers Sale of Dallas 171-Unit Community
The property, completed in 1974, was recently renovated, with the previous owner investing nearly $1.5 million in a capital improvements program.
Working on behalf of Iliad Realty Group, SVN Investment Sales Group has brokered the sale of Pecan Tree Apartments, a 171-unit Class C community in the Bachman Lake / Webb Chapel district of Dallas. Senior Director Sean Reynolds represented both parties in the deal. According to Yardi Matrix data, Bellaire Partners purchased the community and the sale was subject to a $7.5 million loan held by Greystone Servicing Corp.
“The seller had purchased this property in December 2016 in extremely poor physical condition,” Reynolds said, in a prepared statement, “Around-the-clock private security was required to keep the property safe as the owner began his interior and exterior capital improvements to revive this property back to life.”
Completed in 1974, the property is located at 3001 Kendale Drive and underwent extensive renovation under the previous ownership. The $1.5 million upgrades included the roofs, the parking lots, modernized units and a new leasing office. The studio, one- and two-bedroom units average 565 square feet and are spread across 10 two-story buildings. Communal amenities include a playground and three laundry facilities.
Pecan Tree is situated 11 miles northwest of downtown Dallas. The asset is close to dining and retail venues, public transportation means, and Dallas Love Field Airport is within a 10-minute drive.
Image courtesy of SVN Investment Sales Group
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