Stoneleigh at Valley Ranch Triggers Top-Dollar Sale

IRVING, TX-Buyer and seller won’t talk selling or asking price, but the 210-unit Stoneleigh at Valley Ranch in Irving most likely pushed the $20-million mark in its just-announced sale. Twenty bidders were jockeying for the property, which carries an assessed 2001 market value of more than $15.2 million.

“It’s certainly at the top end of the spectrum,” George Roddy, president of Roddy Information Services Co., tells GlobeSt.com of the sale by Dallas-based Republic Property Group Ltd. to Des Moines-based Principal Life Insurance Co. Properties fetching rents of $1 per sf to $1.10 per sf are bringing $75,000 to $80,000 per unit on the sales block. The Stoneleigh at Valley Ranch at 8605 N. MacArthur Blvd. is situated in one of the region’s highest-income areas. Factor in rent, location and competition and it’s a sure-fire high ticket in a piping hot market. “We have seen some deals close at $100,000 a unit. They are few and far between, but $20 million wouldn’t surprise me,” says the independent analyst.

Republic Property developed the Stoneleigh at Valley Ranch in 1998 in line with its strategy to build, lease and sell. Principal Life Insurance was the top bidder in a final-three face-off for the 14-building complex on 11.2 acres, Brian Selbo, Republic’s senior vice president, tells GlobeSt.com. It was a straight-up sale with no hitches that drove a closing within about three months of coming to market. “We were in no rush to sell it and we feel we got a good price,” he adds.