February 22, 2017
Dallas – Transwestern’s Dallas-based Multifamily Investment Services Group has closed transactions on 1,600 units valued at $85 million in North Texas. Transwestern Principal Taylor Snoddy and Vice Presidents Philip Wiegand and James Roberts represented the sellers and also sourced the buyers on the transactions, all of which closed in the last weeks of the year.
“These transactions represented a wide range of local, national and international buyers, with demand driven by Dallas-Fort Worth’s strong job growth and rent increases,” said Snoddy. “We received strong investor interest despite the uncertainty from the election and the spike in interest rates.”
The following are details on each transaction:
· Dallas’ North Park Terrace, a 310-unit community at 8662 Park Lane, and Pecan Tree, a 173-unit community at 3001 Kendale Drive, were both acquired by a New York-based investment group for an undisclosed amount.
· Parque Del Sol, a 200-unit community at 238 E. Oates Road in Garland, was acquired by a New York-based investment group for an undisclosed amount. The property is within walking distance of grade schools and has excellent amenities including a clubhouse, swimming pool, playground and mature landscaping.
· Eastfield Plaza, a 216-unit community at 2626 John West Road in Mesquite, was purchased for an undisclosed amount by an Oregon-based investment group that isplanning extensive 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 for an undisclosed amount.
· 34 Hundred, a 484-unit community at 3400 Varsity Drive in Tyler, is across the street from the University of Texas at Tyler. The property was acquired by a Dallas-based investment group for an undisclosed amount and will undergo extensive interior and exterior renovations.
Transwestern’s Dallas Multifamily Investment Services Group has an unparalleled presence in the North Texas market, providing clients with exceptional service and transaction knowledge. Since 2014, the group has averaged a closing every seven business days, with transactions exceeding 25,000 units and $1.2 billion in aggregate value. The team’s success is a direct result of their expansive database, deep relationships and a keen understanding of the local and national investment communities.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the North Texas region, follow @TranswesternDLS and @TranswesternFTW.