X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Keeping true to its promise to close this month, Triple Net Properties LLC and a Virginia-based partner have acquired 494 units in sister properties as the second leg to a portfolio close-out by affiliates of BES Westlakes Fund.

The Santa Ana, CA-based investment group and ROC Realty Advisors, led by Gus Remppies of Richmond, VA, have closed on the 296-unit Chatham Court Apartments at 7825 McCallum Blvd. and 198-unit Reflections Apartments at 7815 McCallum Blvd. The 94%-leased sister properties were marketed for $26.1 million by CB Richard Ellis teams in Dallas and Austin.

Triple Net and ROC weren’t available for comment prior to publication time, but did say in a press release that, like the San Antonio buy in late August, that the Charlotte, NC-based Wachovia Bank provided acquisition financing for the late 1980s-era assets in North Dallas. The Chatham and Reflections complexes, situated on 22 acres, have 36 buildings in two- and three-story designs and one- and two-unit floor plans. Units range from 542 sf to 959 sf; rents go from $673 to $917 per month.

CBRE’s Dirk Goris represented the Deerfield, IL-based sellers of record, Chatham Court Associates LP, Reflections Associates LP and Das Reflections LLC. The all-cash offering factors out to $52,834 per unit, right in the North Dallas sweet spot for sales of comparable properties. If Triple Net holds true to its other BES deal, a renovation is coming for the North Dallas pair. Triple Net’s Michael Frieman and ROC principals Remppies and Jay Olander represented the tenant-in-common buyers. Wachovia’s Chris Troutman arranged the financing.

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. Multifamily Spring 2022 (Formerly APTS)Event

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
Live Chat

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