DALLAS-A Del Mar, CA multifamily owner has crossed off the second trade in a portfolio sell-off of Dallas/Fort Worth properties, ending a 10-year hold in most cases and setting up a replacement buying spree in Texas. Five of the six properties left to sell will change hands next month.

On the market for $7.5 million, the 318-unit Skyline Place Apartments at 4700 Wimbelton Way in East Dallas brought 30 offers in a four-month marketing period that ended with eight full-price bids, Tom Warren, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. Scoring the win was a Bakersfield, CA-headquartered investment group, State Road Skyline LP-Arppel Inc.

Next month, a single buyer is lined up to scoop up five of the six remaining assets in the 3,500-unit sell-off of class C and class C-plus properties. Warren says the sale culminates a 10- to 12-year hold. “It was time to get out,” he explains of the turnover. The first to go was the 232-unit LaSalle Crossing at 1600 LaSalle Dr. in Sherman, which sold a few months ago.

Part of the gain will be deployed as 1031 Exchanges, which Warren is lined up to run for the Del Mar partnership. “The seller will reinvest their proceeds in Texas,” he stresses.

Skyline Place’s new owner will spend about $300,000 on upgrades to “cure deferred maintenance,” Warren says of the 80%-leased complex. The mix of 222 one-bedroom and 96 two-bedroom units average 776 sf, with the monthly rent set at 66 cents per sf. The East Dallas submarket average is pushing 73 cents per sf, building in post-renovation upside for the new owner, which made the close with a $6.2-million loan assumption held by Archon Group of Irving, TX. The 17-year-old Skyline Place, positioned on 11.8 acres, is assessed at $5.6 million.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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 © 2024 ALM Global, LLC. All Rights Reserved.