Assessed at $26.1 million, the two-year-old complex sits on about 54.8 acres. A 37-acre parcel was pulled from the initial offering and is still up for grabs, Norman Eastwood, senior investment associate in Marcus & Millichap's Dallas office, tells GlobeSt.com. He and Peter Katz, vice president of investments in the firm's Phoenix office, brokered the sale from FramAmerica to Westwood Residential Co. of Dallas.
Eastwood says the complex, though a quality asset, fell out from the prior contracts because occupancy dipped to 88%. At closing, it was 90% occupied. Westwood slid in its own management team to replace FirstWorthing of Dallas.
The gated community is positioned five miles south of the Dallas-Fort Worth International Airport. The units, which average 997 sf, are bringing in an average of $939 per month, according to Eastwood.
"Bar none, it's the nicest apartment complex in that submarket," Eastwood says, noting that all three-bedroom units come with two-vehicle attached garages. Designed by Humphries & Partners of Dallas, it's a recognized trophy product built to condo specs so that the "for rent" units could readily be converted to "for sale" properties. Eastwood says that's not in Westwood's plans, but the option is there should the owner want to pursue it.
Katz and Eastwood, both directors of Marcus & Millichap's National Multi Housing Group, secured $72,162 per unit and $72.37 per sf for the seller. FramAmerica, through its SunAmerica affiliate, built the complex in 2000. The 436-unit mix ranges from 809 sf to 1,461 sf and a rent range of $794 to $1,497 per month.
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