GRAND PRAIRIE, TX-Benjamin E. Sherman & Sons, Inc. has added to its growing Dallas holdings with the acquisition of Indigo Pointe at Grand Prairie. In acquiring the high-end 300-unit complex from Flourney Development, the buyer ends up with a 93% asset located near the Dallas Cowboy’s under-construction stadium.

Confidentiality agreements prevented release of the actual sales price release, but comparable properties in the area have traded for between $85,000 and $105,000 per door. The Tarrant County Appraisal District pegs the class A asset’s value at $24 million. Meanwhile, the cap rate on the in-place numbers for the property at 3033 W. Bardin Rd. was slightly above 7%.

Seller representative and CB Richard Ellis executive vice president G. Craig LaFollette says the Columbus, GA-based Flourney Development is a merchant builder with an MO of construction, lease-up and then selling. As for the Deerfield, IL buyer, “they know the area. They own a lot of properties in Dallas and Austin,” says Houston-based LaFollette.

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