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DALLAS- The Phoenix Property Company has sold its 169-unit luxury multifamily rental complex, Eastbridge, to Chicago-based Equity Residential Properties Trust. Located at 5140 Willis Avenue in the upscale Dallas neighborhood of Knox-Henderson, the class A complex has146,571 sf divided among three, three-story buildings.

Phoenix Property Company is the original developer of the four-year old property. Dan Bryson of Holliday Fenoglio Fowler’s Dallas office represented Phoenix Property in the sale transaction. Bryson would not disclose the sales price.

Bryson tells GlobeSt.com that the apartment complex is currently 98% occupied and leases for approximately $1.30 per sf. He says the property is an assemblage of several residential tracts. The Eastbridge has been a true success story, he says, because of its warm design in a trendy residential neighborhood that is in the midst of revitalization. The property is surrounded by new restaurants and shopping and sees a lot of night pedestrian traffic, which added to its value, Bryson notes.

Phoenix Property also developed the 449-unit Dallas apartment community, The Phoenix on Mockingbird, one of the first projects in the revitalization of the Mockingbird and Central Expressway corridor. That property was sold last summer. Additionally, Phoenix owns the Lantana, a 248-unit apartment community in Flower Mound and West Village, a 180-unit multifamily community on McKinney Avenue in Dallas. West Village was developed in conjunction with Urban Partners, Inc.

Equity Residential Properties Trust owns more than 1,000 properties in 35 states and is the largest publicly-traded owner and operator of multifamily properties in the US. Bryson says Equity Residential liked “the feel” of the building with its infill location and good tenancy.

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