The Paskin Group Acquires 207-Unit Community in Dallas
Transwestern brokered the 1031 exchange.
The new owner assumed the outstanding balance of a $24.8 million CMBS loan. Image courtesy of Yardi Matrix
The Paskin Group has acquired Bellrock Bishop Arts, a 207-unit community in Dallas, through a 1031 exchange. Bellrock Real Estate Partners sold the asset. Transwestern Real Estate Services represented the buyer.
Paskin Group assumed the outstanding balance on a $24.8 million CMBS loan, which was originated by Newmark in 2020 and provided by Wells Fargo Bank, according to Yardi Matrix.
Although the value of the transaction was not made public, the community is taxed at a $38 million value, Oak Cliff Advocate reported. The same source shows that the 2012-completed property was 95 percent occupied at the time of the sale.
The two buildings encompass studio, one- and two-bedroom floorplans, ranging between 563 and 1,214 square feet. Common-area amenities of the 4.9-acre property include a fitness center, swimming pool with cabanas, fireplace, dog park, clubhouse and a business center, along with more than 260 parking spaces.
Bellrock is at 1836 W. Davis St., near the Bishop Arts District, which comprises a host of dining and entertainment options. Heights Garden Park and Stevens Park Golf Course are within walking distance, while Dallas/Fort Worth International Airport is some 21 miles northwest.
The Transwestern team included Managing Directors Bryan McMurrey and Chris Stutzman, Senior Associate Rye Hinkle and Associate Tyler Gauntt.
Dallas battles headwinds as transactions drop
According to Yardi Matrix, 97 communities changed hands year-to-date through October in Dallas, a significant drop from the 328 properties that traded during the same period of 2022. The average per-unit price also dropped from $182,027 between January and October 2022, to $160,976 during the same interval this year.
Notable transactions in the metro included the $91 million sale of AMLI Design District earlier this month, a 314-unit community purchased by HASTA Capital, the same source shows.
