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DALLAS-Looking to end a long-time hold, Denver-based Simpson Housing LP has hit the market with a 10-property portfolio with 2,067 units in Garland and Mesquite. The all-cash offering, with an $85-million ask, is made up of assets developed in the 1980s as condo product and 55 acres of mostly vacant contiguous land.

The value-add, class B listing baited 85 requests for packets within 24 hours of the sales blitz hitting investors’ e-mails and desks, Don Ostroff, senior director for Cushman & Wakefield of Texas Inc., tells GlobeSt.com. The call for offers will be made Sept. 29 to set up a closing in early December, he says.

Nine of the 10 properties are positioned in a one-mile suburban stretch along Interstate 30 in Garland and the other one sits just three miles west in Mesquite, across the road from a mixed-use project currently in development and anchored by a 120,000-sf Bass Pro Shop. The 90%-leased mix has one-, two- and three-bedroom apartments, averaging 850 sf. The average monthly rent is $667.

“In the investment cycle, it’s a good time to sell,” Ostroff explains of Simpson’s motivation to churn its local portfolio. “It’s an opportunity to sell in a rapidly recovering market and recycle their capital.”

Ostroff says the portfolio mostly likely is the largest one on the market in North Texas at this time. He sees the highest interest coming from REITs and private capital players. The C&W team also includes senior director Will Balthrope, associate director Susie Kakos and associate Jordan Cortez.

The Dallas Lakeways Portfolio’s Garland package consists of Lakeway Colony at 1044 E. Highway 30; Lakeway Meadows at 241 E. Highway 30; Lakeway Forest at 1227 Forest Creek Dr.; Lakeview Village Condominiums at 4501 Bobtown Rd.; Lakeshore at 1282 Brockett Rd.; Lakeway Harbor and Lakeway Point, both at 4358 Point Blvd.; and Lakeway Place and Lakeway Trace, both at 4001 Easton Meadows. The offering includes one property in Mesquite, the Highlands at Galloway at 4819 N. Galloway Rd.

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