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, 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 deals included:
- 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.
- 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 is planning 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.
- 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.
Feb. 24, 2017 Realty News Report Copyright 2017