DALLAS—Multifamily supply in the Dallas market is tight forcing investors to shop for under marketed and off market assets.
The Fortis Company, based in Shreveport, LA purchased the Mountain Ridge apartments in South Dallas for an undisclosed price. The 236-unit complex was presented only to well-qualified buyers and closed quickly in the active market.
“With interest rates as low as they are Dallas/Fort Worth is going to continue to see a lot of buyers, especially from California,” Robert D. Aiello of Wells Asset Management tells GlobeSt.com. “We are a very stable market and lead the nation in job growth.”
Aiello anticipates the Dallas multifamily market to remain stable and steady throughout 2014. As supply remains limited in the Metroplex there will be an increase in off market transactions.
“There are assets on the market in which cap rates are too low and the value isn’t there for the multifamily buyer, so you have to shop around for off market properties,” says Aiello.
Aiello and Mike Wells of Wells Asset Management represented the seller, Mountain Ridge Associates Ltd. in the transaction. Wells Asset Management has previously completed four multifamily on behalf of Fortis, totaling 844 units.
The Mountain Ridge apartments are located at 2626 Duncanville Rd., about three miles from Dallas National Country Club.