ZMR Capital Buys 2 Dallas Communities

Bayou Bend. Image courtesy of ZMR Capital

ZMR Capital has purchased two garden-style properties in Dallas, Texas from seller Conti Capital for an undisclosed amount, the company announced. The Tampa Bay, Fla.-based multifamily investment firm bought the 440-unit Pecan Square and the 308-unit Bayou Bend, both within a half-mile of each other in the city’s West Dallas neighborhood.

Conti, based in Dallas, had acquired both properties in June 2017 in two separate transactions totaling slightly more than $62 million, according to CommercialEdge data.

“We love the demographic trends in this area and infill location,” said ZMR CEO Zamir Kazi. “It’s surrounded by some of the most desirable neighborhoods in Dallas, and it can be difficult to find affordable workforce housing in the surrounding pockets.”

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Constructed in 1982, amenities at the two communities include swimming pools, barbecue and picnic areas, playgrounds and resident clubhouses. ZMR intends to immediately launch a multimillion capital improvement program for Pecan Square and Bayou Bend, with completion planned for the first quarter of 2024. Project construction and design will be handled in-house, according to Kazi. The effort may include upgrades to unit interiors with new appliances, vinyl plank flooring, kitchen cabinets and tile back splashes, along with enhanced building exteriors and common areas.

ZMR has expanded its Dallas-area multifamily portfolio by a total of 1,496 apartment units this year, including the acquisition of Pecan Square and Bayou Bend. The firm bought the 240-unit Chimney Hill gated community at 9637 Forest Lane in North Dallas in June 2021. Looking ahead, ZMR aims to complete four or five more deals in Dallas in 2022, noted Kazi.