X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A local partnership has spent close to $5 million for a 200-unit complex that now has a date with a wrecking ball. The 5.5-acre redevelopment plan is still being worked out, but the Woodtrail Apartments sale secures a foothold near Love Field airport where even Gables Residential Trust has climbed on the neighborhood’s revitalization bandwagon.

The 50%-leased complex at 3304 Cedar Plaza Lane was listed for $5.1 million by John Barker and Al Silva with Marcus & Millichap Real Estate Investment Brokerage Co.’s Dallas office. Nita Stewart with CB Richard Ellis Inc.’s Dallas team seated the buyer, whose name is being kept under wraps, and the seller at the closing table for a 1960s-era complex destined to be scraped and rebuilt. “It definitely will be residential,” Stewart says.

Silva tells GlobeSt.com that the Woodtrail Apartments’ sale closes out a multifamily portfolio for 15-year owner, Triant Ltd. of Dallas, whose principals are retiring. A half dozen offers came through the door in a three-month marketing, with one contract falling out before the Dallas investors placed an offer, according to Silva. “This wasn’t necessarily the highest offer, but they were willing to get the deal done,” he says.

Woodtrail Apartments, sitting on nearly a full city block, has one- and two-bedroom units averaging 730 sf and rents averaging $650 per month. Key to the redevelopment plan is the location between Lemmon and Cedar Springs on the Park Cities border.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.