Multifamily Disposition Nets First Sale

The first to go in Albritton Properties' disposition is the 172-unit Pecan Tree Apartments at 3001 Kendale Dr., a 91%-leased asset listed for $4.4 million. "The buyer negotiated a pretty good deal off the ask," Armand Charbonneau with Transwestern Commercial Services in Dallas tells GlobeSt.com. The buyer is a Los Angeles family with a large portfolio of multifamily properties that is marking its first spot in Dallas with the purchase.

The 28-year-old Pecan Tree is mostly one-bedroom units and the balance is two-bedroom apartments. Units average 532 sf. The average monthly rent is $476, utilities included. "The property stays relatively full, but the upside is in more attentive management," Charbonneau explains, adding the new owner will lease and manage the holding.

Albritton's portfolio is located in East Dallas and the Bachman Lake area. The 76-unit Spanish Village at 4724 Columbia Ave. is under contract and one is close to being signed for the Arawak and Granada Apartments, totaling 116 units at 3514 Nogales Dr. Up for grabs is the "Big Block," 446 units at 3131 Webb Chapel Rd. extension.

Armand and Transwestern's Mark Freeman brought the class C portfolio to market for $21.3 million or $26,319 per unit. But, Charbonneau says, the most likely scenario is playing out: individual sellers. The goal is to close out the sales in the first quarter, he says, pointing out the hurdle to overcome is the Big Block.