Village Square Apartments at 5959 Watership Lane passed to McCord Development Co. after a five-month hold by Watch Omega Holdings LLC of Austin, which took the deed from Fenway Partners LP, according to the Dallas Central Appraisal District. GE Capital Realty Group has been the servicing agent for the last five years and three sales of the 19-year-old complex.
GMH Capital Partners of Newtown Square, PA, says Village Square was sold separately, but is part of a larger portfolio. Brokers in the region are unaware of a portfolio sale and McCord's only confirming it bought more properties near Village Square.
"They looked at it as a value-add play," Steve Behrle, GMH account representative, says about the trade of an 88%-leased asset with affordable housing restrictions. Behrle says Village Square "is one of the supporting properties in that market."
The complex was quietly marketed in a no-ask offering to six groups, according to Behrle, who handled the sale along with GMH vice presidents Dave Forrest and Bill Tourtellette. McCord was the top bidder, Behrle tells GlobeSt.com. Village Square, sitting on 9.9 acres, is assessed at $7.8 million.
GMH Capital Partners Asset Services managed the property, sold as "a strategic plan for the seller," Behrle says. McCord is taking over management of the gated complex. The 16-building development is a mix of 200 one-bedroom units, ranging from 517 sf to 694 sf, and 240 two-bedroom designs going from 877 sf to 905 sf. Rents range from $516 to $780 per month.
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