Wood Partners Unloads Class A Dallas Community
HFF facilitated the sale and secured acquisition financing for Alta Farmers Market, a newly built, 313-unit community.
Dallas—Alta Farmers Market, a Class A, 313-unit community in Dallas’ Farmers Market District, recently changed hands. Wood Partners LLC sold the property, with the help of HFF, to Mindful Capital Group for a purported $50 million, according to Yardi Matrix data. HFF helped the buyer secure a 10-year, fixed-rate acquisition loan through Barings Real Estate Advisers on behalf of an undisclosed institutional client.
The 4.7-acre community at 1110 S. Cesar Chavez Blvd. is within walking distance of the recently redeveloped Dallas Farmers Market, as well as music venues, restaurants and other entertainment in Deep Ellum. Construction on Alta Farmers Market began in January 2015 and was just completed this February, and is located in the southeast portion of the Dallas central business district.
The four-story Alta Farmers Market features one-, two- and three-bedroom units, with stainless steel appliances, quartz countertops, in-unit washers and dryers, walk-in closets and private balconies/patios. Community amenities include a swimming pool with grills, a roof deck with bar and downtown views, a courtyard with a fire pit, a 24-hour fitness center with personal training and group fitness, a resident lounge with game area, a business center, and a pet walk and wash area.
The community is currently 90.7 percent occupied and is still being managed by Wood Partners’ property management arm, Wood Residential Services, according to Yardi Matrix data. The data also show that units range in size from 393 square feet for a studio and as much as 1,609 square feet for a three-bedroom/two-and-one-half bath unit. Rents range from $1,018 for a studio to $2,611 for the three-bedroom residence.
HFF senior managing directors Roberto Casas and Bill Miller, along with Director Greg Toro, led the investment sales team representing Wood Partners. Director Brent Bowman and Associate Director Michael Cosby led the HFF debt placement team representing Mindful Capital.
Both HFF and Wood Partners declined to comment on this transaction. When Wood Partners began construction on Alta last year, development associate Ryan Miller said, “with the revitalization of the Dallas Farmers Market next door and a resurgence in Deep Ellum, our residents will have great access to restaurants and entertainment in the area, all while being in close proximity to the downtown office market.”
Wood Partners currently owns more than 75 properties totaling over 21,000 units. It also has properties in Phoenix, where it recently developed its fifth community.
Mindful Capital was formed in 2003 by real estate veterans Jeffrey Pechter and Stephen Block, and has since invested in a variety of property types. It recently acquired two other Class A properties in Texas.
Image courtesy of Wood Partners