DALLAS — Transwestern’s Dallas-based Multifamily Investment Services team closed transactions totaling approximately 1,600 apartment units in North Texas, with a combined value near $85 million. The deals, completed in the final weeks of the year, were handled by Transwestern Principal Taylor Snoddy and Vice Presidents Philip Wiegand and James Roberts, who represented the sellers and sourced the buyers.
“These transactions attracted a diverse mix of local, national and international investors, driven by the Dallas–Fort Worth market’s robust job growth and rising rents,” said Snoddy. “Investor interest remained strong despite election-related uncertainty and a recent rise in interest rates.”
The portfolio of closed transactions includes:
- North Park Terrace, a 310-unit community located at 8662 Park Lane in Dallas, and Pecan Tree, a 173-unit community at 3001 Kendale Drive in Dallas, were both purchased by a New York–based investment group.
- Parque Del Sol, a 200-unit community at 238 E. Oates Road in Garland, was acquired by a New York–based investment group.
- Eastfield Plaza, a 216-unit community at 2626 John West Road in Mesquite, was purchased by an Oregon-based investment group that plans significant renovations to the property.
- Woods of Ridgmar, a 235-unit community at 2200 Taxco Road and 2200 Ridgmar Plaza in Fort Worth, was acquired by a Northern California–based investment group.
- 34 Hundred, a 484-unit community at 3400 Varsity Drive in Tyler, located across from the University of Texas at Tyler, was purchased by a Dallas-based investment group.
These transactions underscore continued investor confidence in North Texas multifamily assets amid solid employment gains and rental growth across the region.
Feb. 24, 2017 Realty News Report Copyright 2017