Improved Demographics Equate to Large Renos
The Vickery Meadow submarket has had many old multifamily assets razed for the construction of new buildings and one recent example was the purchase of North Park Terrace which will be a new school.
DALLAS—In a submarket that has older product ripe for repositioning, a multifamily asset was not broadly marketed and consequently, a North Texas-based private investor demonstrated strong business terms for a purchase. Those terms included an initial non-refundable earnest money deposit, and expedited inspection and closing timeframes.
This purchaser was looking to expand its existing Dallas Metro multifamily portfolio when it acquired Trinity Court Apartments. The 26-unit community was constructed in 1982 and was 100% occupied at closing. It is positioned within the Vickery Meadow submarket, which is located 1.5 miles east of Central Expressway and a few blocks north of Northwest Highway, near the intersection of Skillman Street and Abrams Road.
The Dallas-based real estate advisory firm Vanguard Real Estate Advisors disposition team was led by managing director Jordan Cortez who represented the Florida-based seller and also procured the purchaser.
“Trinity Court represented an ideal opportunity for the purchaser to add a highly sought-after 1980s vintage value-add asset to their existing DFW portfolio,” said Cortez. “The property was unique, given that every unit had a garage, washer and dryer connections, and fireplaces. Also, the location across from Jill Stone Elementary and continuing redevelopment taking place in the submarket added to the allure for the purchaser.”
There is a Walmart-anchored retail center one block south, a Target Supercenter is approximately 1 block to the east, Top Golf is 0.6 miles to the northeast and NorthPark Mall is only 1.7 miles to the east of the property. Trinity Court is within the greater Vickery Midtown area, which is home to 100-plus businesses, 31 nonprofit organizations, three parks, trails and approximately 30,000 residents, GlobeSt.com learns.
“In recent years, a number of older multifamily and commercial assets have been purchased by investors attracted by both the excellent location and improving demographics. Many of these groups have spent significantly in respect to large-scale renovations,” Cortez tells GlobeSt.com. “Also, the submarket has seen a number of old assets razed for the construction of new buildings. One example of this was the recent purchase of North Park Terrace apartments by DISD which plans to tear down and build a new school that will be a replacement for the Jill Stone Elementary.”