Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A 319-unit multifamily asset, tucked into a transitioning pocket in Northeast Dallas, has been sold to a first-time metroplex buyer from New Orleans. The 85%-leased complex is the seventh of 10 multifamily properties to trade in 18 months in the neighborhood.

Center Acquisitions LLC acquired the Silverado Springs Apartments at 11100 Kingsley Rd. from Performance Properties Co. of Dallas and its equity partner on the five-year hold, Transwestern Commercial Services. “He got a substantial discount to replacement cost,” Armand Charbonneau, TCS vice president in Dallas, tells GlobeSt.com about the $7.65-million listing.

Charbonneau says Center Acquisitions wasn’t the highest of the dozen offers for the class B asset, but was “the best offer.” The deal took nine months to close because the state transportation department claimed a strip of the highway-fronting acreage for a turn lane from Interstate 635 “after earnest money was at risk,” he explains.

Silverado Apartments, sitting on 5.6 acres at the edge of the Dallas-Garland line, traded free and clear “in very good condition,” says Charbonneau, who partnered with TCS vice president Mark Freeman on the 22-year-old development’s sale. The 31-building complex has 10 efficiencies, 173 one- and 31 two-bedroom units, averaging 547 sf. The average rent is $508 per month. The new owner slid in Protea Management Co. of Dallas to oversee the investment.

Charbonneau and Freeman are marketing two more complexes in the immediate area, where seven properties with 2,233 units have sold since early 2004. The package play has the 354-unit Stoney Creek Apartments at 11333 Amanda Lane up for grabs at $9.65 million and its sister, the 286-unit Enfield Apartments at 11300 Amanda Lane, tagged at $7.5 million.

“This whole area is primed to really improve dramatically because of the ownership change,” Charbonneau says. “They have all transitioned into stronger hands…well capitalized and attentive operators. It needed to happen.”

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

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.