DALLAS-CBRE's Dallas Multi-Housing Group announces the sale of two Dallas apartment communities—St. Andrews Apartments and Montclair Apartments—on behalf of Chicago-based Strategic Capital Partners, LLC and Crest Asset Management based in Dallas. Pensam Capital, a Miami-based private real estate lender and investment firm, purchased the properties for an undisclosed sum.
St. Andrews is a 312-unit, class A asset, located at 9000 Vantage Point Drive. Community amenities include 12 floor plans, attached and detached garages, two swimming pools and a 5.5 acre park with walking trails. Montclair is a 324-unit, class A asset, located at 9001 Markeville Drive. Amenities include seven floor plans, a fitness center, jogging trails and a clubhouse.
Both communities are in the north Dallas submarket, near upscale shopping at NorthPark Center, Valley View Center and the Galleria, and major thoroughfares, including LBJ Freeway (I-635) and Central Expressway (U.S. 75).
The debt and equity finance team of Jay Wagley and Chris Wong replaced existing Freddie Mac loans originated by CBRE for the Seller with new Freddie Mac Capital Markets Execution (CME) debt for the Buyer.
Ryan Reid and Dirk Goris, executive vice presidents with CBRE, and Jeremy Faltys with CBRE Dallas, represented the seller.
Strategic Capital Partners have assets that are located on the East, South/Southeast and West/Southwest coasts. Crest Asset Management specializes in acquisition, renovation and management of multi-family properties, most of which are located in North and Central Texas.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
