The La Valencia's occupancy track record and "love it or hate it" location at 10106 W. Technology Blvd. in Dallas drove a smooth sail to the closing table despite an 80-day escrow period, says Tom Warren with the Phoenix-based Hendricks & Partners' Dallas office. "It went the way it was supposed to," he says of Aslan's win as the highest bidder chasing the deal.
Aslan Ventures will manage the holding with an in-house team as it scours the market for additional buys, Hendricks' Thomas Burns tells GlobeSt.com. "They want to have a critical mass in the Dallas/Fort Worth area so it's feasible to manage," he says.
The 384-unit complex, formerly the Jefferson at La Valencia, is a 50-50% mix of one- and two-bedroom units in 18 buildings on 15 acres behind restaurant row near the junction of Loop 12 and Northwest Highway. The location, Burns says, draws renters from Las Colinas to the downtown, a pool that produced the quickest lease-up in JPI Texas history. "It's not an institutional-grade location, but it is a great entrepreneurial location," Burns says."
Aslan took over a 94%-leased development with all-cash to the seller of record, Jefferson at the Lake LP, and placing third-party financing, according to Warren. Units range from 653 sf to 1,302 sf, with rents running from $761 to $1,612 per month.
The sale knocks out one of two class A assets that the Irving-based JPI is looking to sell in Dallas. Burns says would-be buyers already are "circling wagons" around the 300-unit Jefferson at Kessler Park at 1520 N. Beckley Ave.
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