The Edison The Edison islocated at 9959 Adleta Blvd. with access to I-635 and the CentralExpressway.

|

DALLAS—Beacon Hill Apartments, now known as The Edison, recentlysold for an undisclosed price to WindMass Capital. Seller PacificTeam Management was motivated by the attractive price achieved dueto the potential upside of the asset.

|

Located at 9959 Adleta Blvd., the multifamily property hasaccess to Interstate 635 and the Central Expressway. Parks, retailand schools are within walking distance. The three-story buildingconsists of 396 one- to two-bedroom units built in 1984 andremodeled in 2003. The Edison amenities include three pools, aracquetball court, a club room and two laundry rooms as well assecured access gates.

|

Matthews Real Estate Investment Services senior associate DanMcQuaid was the lead agent in the transaction. McQuaid sourced thebuyer, which had the goal of adding to its existing Dallas-FortWorth portfolio.

|

The buyer plans to implement a value-add program to improverents as well as the surrounding area. WindMass has already begunworking on interior upgrades to the units. The property was roughly80% occupied at the time of sale.

|

"I was able to navigate through several complexities in the dealto ensure we made it to the finish line," said McQuaid."Ultimately, this was a win-win situation for the buyer and seller.The seller achieved a great result and can now reposition theircapital. The buyer acquired an excellent investment opportunity inwhich they will be able to increase the value of the multifamilyasset through upgrades."

|

The complexities included a quick close, simultaneous contractclosing and a looming ground lease.

|

"There was a ground lease that needed to be collapsed," McQuaidtells GlobeSt.com. "Two separate contracts had to closesimultaneously and the buyer took over management 45 days prior toclose."

|

This is the largest multifamily deal that WindMass Capital hasacquired to date. The buyer is also purchasing 1,260 units directlyacross the street and has plans to operate the two properties asone collective community similar to The Village in Dallas.

|

Strong economic underpinnings have fostered a healthy apartmentmarket. The DFW multifamily market finished 2019 as the topperformer in the country, anchored by strong job and populationgrowth, changing demographics, limited single-family housingsupply, and urban revivals, according to a fourth quarter report byAvison Young.

|

From an inventory perspective, DFW is now the third largestmultifamily market, behind only New York and Los Angeles metros.The market absorbed more than 24,500 units in 2019, leading thenation in front of the New York City metro and more than double theHouston metro. Fundamentals show no signs of slowing, as the markethas nearly 39,000 units under construction, says the AY report.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.