A near $23.3-million financing package has harvested the deeds to the 826-unit Park Woods Apartments, located at 3035 W. Pentagon Parkway in Dallas, and the 100-unit Springdale Apartments at 1909 Higgins Lane in Haltom City, a suburb of Fort Worth. The 44-acre Park Woods complex is in line for a $2-million renovation, John S. Brownlee, the Holliday Fenoglio Fowler LP director who arranged the financing, tells GlobeSt.com. Minor improvements will be made to the Springdale apartments.
Brownlee says the near $23.3-million, three-year financing represented 85% of the purchase price for the 98%-occupied communities, both built in 1970. The Park Woods package accounted for about $21.4 million of the double deal.
Brownlee is keeping the lid on the seller's name, but did say that the Park Woods is the last of several assets liquidated in recent years. Springdale's seller of record is Springdale Investment Ltd., which Brownlee says is comprised of locally based investors.
AmeriSouth, led by general partner Ruel M. Hamilton, currently owns and operates about 5,000 apartment units in 30 properties located in the Dallas-Fort Worth area, Austin and Texarkana. The buyer favors class B and C properties, a sector that's ripe for the picking in today's economic climate. Earlier this year, AmeriSouth bought the 144-unit Plaza Apartments at 400 Ralph St. in the suburb of White Settlement.
The Park Woods and Springdale financing pushes the buyer over the top of $115 million in deals structured in the last three years by the Holliday Fenoglio Fowler team.
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