X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Chicago-based Amli Residential Properties has scaled a high barrier-to-entry market by closing an off-the-market deal for its first holding in the Dallas suburb of Flower Mound. And, another four acquisitions in existing Amli markets could close by year’s end.

The buy comes via a 1031 exchange, swapping out the 236-unit Amli on Rosemeade in North Dallas for the former Woodlands of Shadow Ridge, a 222-unit complex at 1111 Lexington Ave. Amli already has renamed the one-year-old luxury complex to Amli at Shadow Ridge.

Mark Alfieri, Amli vice president, tells GlobeSt.com that the 19-building acquisition is the result of a long-standing relationship with seller Solson Investments of Dallas. He confides that talks were ongoing while the complex was being built. The purchase, says Alfieri, is “consistent with Amli’s strategy of selling older properties and replacing them with well-located newer properties. Flower Mound is one of the few barrier-to-entry markets in Texas.”

The Shadow Ridge buy marks this year’s second 1031 exchange for Amli and most likely the last like-kind swap of the year in the ongoing disposition, says Alfieri. The major multifamily player’s buying power isn’t dissipating; scouts are out for opportunities in all of its markets. He discloses as many as four more acquisitions could close by the close of the year.

Amli owned the 14-year-old Rosemeade, located at 4300 Rosemeade Parkway, since 1990. It was 97% occupied at sale time to Alliance Holdings LLC, a Chicago-based private investor with other holdings in the Dallas-Ft. Worth metroplex. Alfieri says a renovation is in the works for the complex, which carried a $13.4-million asking price. Alfieri is mum about the price tag for the 92%-occupied Shadow Ridge.

Brokers Brian O’Boyle and Jerry Lamm, both of O’Boyle Properties in Dallas, structured the property exchange. The Shadow Ridge buy marks Amli’s 19th multifamily holding in the DFW region and comes in a market with “the lowest ration of rental units to single-family homes in Texas,” says Allan Sweet, Amli’s president. “The high quality of this community, coupled with its great location, makes it a great fit for us.”

The 218,309-rentable sf Shadow Ridge is positioned on 14 acres. It consists of 111 one-bedroom, 88 two-bedroom and 23 three-bedroom units. It is designed with 36 two-story townhomes. The complex also boasts a resort-style swimming pool, heated spa, state-of-the-art fitness center and business center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.