TODAY’S DEALS: Bell Partners Completes 207-Unit Buy in Dallas
Bell Partners acquires a newly-built asset in Dallas; Charles Dunn Co. completes a $2.8 million sale in Los Angeles; and Arbor Commercial funds $55 million for an acquisition.
Dallas—Bell Partners Inc. has acquired a 207-unit asset in the Bishop Arts District area of Dallas known as Alta West Davis Apartments. The 2013-built property was originally developed by Wood Partners, and was picked up on behalf of Bell Partners Inc.’s investors.
The Bishop Arts District is an emerging Dallas submarket defined by its destination restaurants, boutique retail shops and art galleries. Alta West Davis (renamed Bell Bishop Arts) has nearly completed its initial lease-up, with current occupancy standing at 90 percent.
“The acquisition of Alta West Davis represents a continuation of our investment strategy to acquire institutional quality communities with upside potential either through property upgrades, improved property management, or in areas undergoing transformation,” says Nickolay Bochilo, vice president of investments at Bell Partners. “This acquisition is located in one of the newest emerging submarkets of Dallas, in close proximity to Bishop Arts District, downtown and uptown jobs, and convenient access to major roads.”
Amenities at the community include a swimming pool with cabana, bike rental and repair shop, a fitness center, resident lounge with internet cafe, controlled entry, and a billiards table. In addition, the asset was recently certified LEED Silver by the U.S. Green Building Council.
Charles Dunn Co. completes $2.8M sale in L.A.
Los Angeles—Charles Dunn Co. has completed the $2.8 million sale of Mercedes Villas, a fully occupied, 13-unit non-rent controlled multifamily property located in Los Angeles at 1023 N. Wilton Place. Michel Hibbert of Charles Dunn Co. represented seller, Resoma West, as well as the all-cash buyer, National Ten Management. Both the buyer and seller are Los Angeles-based firms. The closing cap rate was a low 3.5 percent.
Mercedes Villas was built in 1987 and sits on .21 acres of land. The unit mix includes 12 one-bedroom units as well as one, one-bedroom townhouse unit.
“The property garnered multiple offers and closed at an extremely low cap rate,” says Hibbert. “The buyer, who owns multiple properties close to this property, saw the opportunity to add value to the asset by bringing rents up to market value.”
Arbor Commercial funds $55M for acquisition
Uniondale, N.Y.—Arbor Commercial Funding LLC announced recent fundings of loans including:
- $55 million for a 64-unit multifamily property. Funding was completed under the Arbor Realty Trust Bridge Loan product line. The three-year loan was for a new acquisition.
- $11.9 million for Briarwood Hills Apartments, North Haven Conn. This 176-unit multifamily property received funding under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
All of the loans were originated by Stephen York, vice president in Arbor’s New York City office.
“Arbor strives to provide all of our clients with the loan product that is best for them nationwide,” York says. “With such a diverse product line, we have something that fits every borrower need, no matter the loan size or the property location.”