FARMERS BRANCH, TX-With granite countertops, hardwood floors, large floor plans and direct-access garages, Townhomes at Parkside generated a lot of interest when developers and owners Eric Laub and Allan Ziedell listed it for $29.5 million. The class A community, which consists of 206 townhouses, received more than 12 offers before a Los Angeles-based investor put it under contract, says Don Ostroff, a senior director with Cushman & Wakefield of Texas Inc.’s multi-housing group who marketed the property on behalf of Laub and Ziedell. Ostroff was assisted by partner Will Balthrope.

Ostroff tells that the buyer, who he describe as a long-term owner and operator of multifamily assets across the nation, is looking to make additional acquisitions in the Metroplex and does not want to jeopardize any future deals by disclosing its identify. “The buyer has been looking to enter the Dallas marketand been shopping around for class A assets and this one really got their attention,” Ostroff says. “They saw the upside potential because this is not a commodity class A property–they thought it was distinctive and unique.”

Located at 4000 Parkside Center Blvd. in the southwest quadrant of Spring Valley Road and Midway Road, Townhomes at Parkside was built in 1999. According to Ostroff, the complex is ideal for future condo conversion, with its 1,294-sf average unit size and amenities such as a 5.5-acre, on-campus private park with barbecue grills, half-mile jogging trail and rock waterways. Nearby townhouses are priced from $160,000 to over $300,000.

The property offers 59 one-bedroom townhouses and 148 two-bedroom townhouses on canals or with yards. The townhouses rent for $1.50 per sf, for an average of $1,500 per month, Ostroff says. Occupancy at Townhomes at Parkside has averaged 92% over the last several months with income growth of 9.9% over the last 60 days, as concessions have been substantially reduced recently.

The buyer, which hopes to close on the deal in March 2005, will assume a 221 D4 HUD-insured loan for $20.7 million at 5.5% interest rate. The loan is fully amortizing over its 40-year term. According to Ostroff, the buyer has no immediate plans to convert Townhomes at Parkside into residential condos, although “it is in the realm of possibility.”

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