On the block are the 248-unit Bent Tree Brook at 4820 Westgrove Dr.; the 196-unit Bent Tree Oaks at 4815 Westgrove Dr. and the 184-unit Bent Tree Fountains, located around the corner at 16400 Ledgemont Dr. The assets were constructed in the late 1970s, and Hall upgraded 171 units with new cabinets, baths, countertops, flooring and carpet and stainless-steel appliances.
Still, according to the Hendricks and Partners brokers who have the marketing assignment, there is enough value-add potential for a new owner in the 93%-occupied portfolio. "People have been trying to buy these for years. But Hall Financial has never been a seller, until now," comments Tom Burns with Hendricks and Partners' Dallas office. Also on the marketing team are Jay Gunn and Tom Warren in the Dallas office, and Jim Hearn, who operates from Houston.
 Bent Tree Oaks Apartments |
Both Gunn and Burns say there's been "a significant amount of interest" in the assets, but a call for offers probably won't take place until after the first of the year. "We think the size of the portfolio and its quality will pull everyone from institutional groups to large private capital," Burns adds.
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 Bent Tree Fountains Apartments |
Bent Tree Oaks' studies, one-, two- and three-bedroom apartments are spread over 25 buildings on 10 acres. Rents for the units, which average 947 square feet, range from $650 to $1,200 per month.
Bent Tree Fountains is comprised of one, two- and three-bedroom units in 20buildings on 13 acres. The average unit size is 993 square feet and rents are between $655 and $1,450.
"Craig (Hall) has been methodically moving out his multifamily portfolio over the past several years, for business reasons," Burns tells GlobeSt.com. Another Hall Financial multifamily asset is scheduled to close in the area by year-end, and once the Addison Bent Tree Portfolio sells, the company will have two remaining multifamily assets in the Dallas-Fort Worth market.
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