DALLAS—With the multifamily market increasingly competitive, value-add properties are also increasingly rare on the market. That is what makes two properties closing within one month even more surprising. La Bella Palms 117-unit apartment complex, located at 9450 Royal Ln., and The Falls apartment complex, located at 9797 Bruton Rd., recently closed.
Wellington Realty facilitated both transactions, led by brokerage associates Caleb Jones, Tammy Shaffer and David Shaffer.
“We procured the buyer and represented the seller,” David Shaffer tells GlobeSt.com. “The occupancy at time of sale is 96% and the buyer is located in California.”
The investment sales team created value for the buyer through its market knowledge and relationships within the Dallas market.
“Our team continues to develop relationships necessary to identify buyers at not only the local level, but the national and international level as well,” said Tammy Shaffer. “For La Bella Palms, we identified an out-of-state buyer, putting them into a property that creates long-term value and wealth.”
La Bella Palms is located in the Lake Highlands area between Interstate 635 and North Central Expressway and approximately 15 minutes from downtown Dallas. The community is located near Northpark Center Mall, Texas Health Presbyterian Hospital Dallas and an array of Dallas ISD schools and higher education, such as SMU, UT Dallas and Richland College. The apartment complex's amenities include a swimming pool and laundry facilities.
“Lake Highlands is one of the more dynamic submarkets in DFW,” said Jones. “Located on the corner of Royal and Abrams, La Bella Palms is a true value-add property due to the growth and gentrification of Lake Highlands.”
The Falls 208-unit apartment was brokered by the same Wellington team, with the addition of Ben Onderdonk, to procure the buyer and sell the asset.
“The Falls is a mid-80s apartment complex with true value-add opportunities,” Jones says. “In DFW, value-add is becoming harder to find, but a section of the property was built in 2005 and those organic rent comps proved rent growth is achievable for the entire property.”
The complex is located in Southeast Dallas and is easily accessible to Interstate 635, LBJ Freeway, Interstate 30, Highway 80 and Highway 175. The community is located near Town East Mall and Eastfield College. The apartment complex's amenities include a swimming pool and laundry facilities.
“For The Falls, we identified an Austin-based investment firm that is very active in purchasing multifamily in Texas,” said Tammy Shaffer. “We put them in a property that fit their investment criteria and will create long-term value and wealth.”
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