CARROLLTON, TX-A Boston-based investment group has bested 19 other would-be buyers for a class A multifamily asset in North Dallas. The 284-unit Westbridge Apartment Homes was 95% occupied at sale time.
"They were chosen because of their ability to close quickly and perform quickly," Brian Murphy, a senior broker in the Dallas office of Apartment Realty Advisors, tells GlobeSt.com. "It was a short due diligence and a quick close one week after going firm with their money." He and ARA managing broker Brian O'Boyle and principal Jerry Lamm represented the Hartford-based seller, Cornerstone Real Estate Advisors LLC, of the 2300 Marsh Lane property. Murphy says Westbridge sold free and clear for well below the $27.9-million ask.
Dallas-based Lincoln Property Co. developed the 18-building Westbridge in 2003 on a 16-acre tract at Marsh Lane's intersection with Keller Springs Road, giving it more of a North Dallas identity than Carrollton, according to Murphy. And Lincoln leased and managed it right up to the sale. Michelson Management Co. now oversees it.
Murphy says the new owner is a long-term holder with other multifamily assets in Dallas/Fort Worth. "I think it's a trophy asset in a great location," the broker says. "A lot of people see Dallas as a great opportunity to buy right now." He says the mix of would-be buyers ran the gamut from the private sector to institutional investors, with all eyes on the upside from the market's steady growth and Westbridge's class A units and location. "The majority were out-of-state investors who already own property in Dallas," he says.
Westbridge's chief selling points were its infill location in North Dallas and rent upside. The average rent is $1.08 per sf, with one month free on the concession side. "There is not a lot of new product that can be built to compete with this asset," Murphy stresses. "It bodes well for long-term stability."
Westbridge is made up of one- and two-bedroom units in eight floor plans in 17 residential buildings and a leasing office. Units range from 641 sf to 1,140 sf.
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