Mitchell C. Vexler, president of the local development firm, says the marketing produced a dozen solid deals for a four-year-old complex fronting Sylvan Park, a focal point for a prized neighborhood with some of the highest rents and priciest condos in the city. "I've done my job," Vexler tells GlobeSt.com about the motivation for the sale. "It's a good location, the occupancy was right and the timing was right." Mike Wells, owner of Wells Asset Management in Dallas, marketed the 3102 Kings Road property.
Vexler says he's uncertain if the new owner is going to try a condo conversion, but Piazza Siena is primed for it if he does due to the asset's quality and Triple AAA location--nearly two acres at the corner of Cedar Springs and Kings roads. The one- and two-bedroom, three-building development has apartments ranging from 640 sf to 1,105 sf. In-place rents open at $120 per sf and top out at $1.50 per sf for a development with underground parking and a biscotti bar as part of the amenity package.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.