The deal's brokers, Hank Glasgow and Jeff Price of Dallas-based Apartment Group, are bound by the usual confidentiality pact to withhold price. The seller's identity also is being kept under wraps. According to the Tarrant County Appraisal District, the seller was a Dallas-based investment group; the property assessed at a bit more than $19 million.
The closing came just 60 days after the property fell under contract, Glasgow tells GlobeSt.com. "Matt Akin at UDR artfully artfully coordinated his due diligence team to make the deal smooth from start to finish, very unusual in this part of the real estate cycle," Glasgow says.
United Dominion has been selling properties in non-core markets and those that aren't in line with its focus on upscale garden and townhouse developments. The REIT tendered a reverse exchange to buy the Cliffs, but has not yet selected which in the nationwide portfolio will go toward the final execution of the reverse 1031, Glasgow says.
The 23-acre complex at 1601 Brown Blvd., south of the Dallas-Fort Worth International Airport, was developed in 1993 by JPI Multifamily Inc. of Dallas. It was 92% occupied at sale time. About a quarter of United Dominion's 300 apartment complexes, totaling nearly 76,000 units, are located in Texas.
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