Chicago Buyer Returns to Dallas With 712-Unit Ticket

DALLAS-A Chicago multifamily buyer has made its first acquisition in Dallas in three years, using capital from a $270-million discretionary fund with CalSTRS to acquire Summit Properties’ 712-unit, class A Camino Real Apartments. The North Dallas asset came to market with a $75,000 per door price tag.

“We paid significantly below the asking price,” Rick Wise, acquisitions director for Waterton Associates LLC, tells GlobeSt.com, “and definitely below the replacement cost….We feel we bought it right given the economy in Dallas.” Built in 1996 and 1998, each phase sits on about 18 acres and carries assessments in the neighborhood of $18.9 million from the Dallas Central Appraisal District.

The Charlotte, NC-based Summit Properties acquired the holding in 1999 in a $175.9-million portfolio buy from the former Ewing Properties Inc. of Dallas, now North American Communities. Four years later, Summit has put its entire Texas portfolio on the market: four properties in Dallas and two in Austin. Camino Real, built in phases at 4200 and 4300 Horizon North Parkway, is the first to sell, trading within 45 days of the contract being placed, Wise says.