Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-BlackRock Inc., wrestling 19 would-be buyers for the win, has taken title to the 490-unit Jefferson at Park Central. A new name, as is always the case with JPI-branded sales, is sure to follow as the new owner settles into the deal.

The New York City-based buyer and the seller from Irving, TX have imposed a gag order on any pricing talk so the brokers, Apartment Realty Advisors of Dallas, won’t confirm, discuss or deny any previous or the most recent sale price of the 39-bulding complex at 7927 Forest Lane. According to Dallas Central Appraisal District, the Park Central asset is assessed at $42.27 million. As previously reported by GlobeSt.com, JPI paid $90,000 per door or $44.1 million in December 2004 when it was bought from Atlanta-based Trammell Crow Residential, which had it on the market for $47 million.

In the latest sale, the trophy asset was 95% leased, with few, if any, concessions, so that and the number of bidders inevitably bolstered the take-home price in a free-and-clear run on the market with a no-minimum ask. Aside from pricing talk, though, the acquisition is believed to be BlackRock’s first in at least two years in Dallas/Fort Worth. BlackRock couldn’t be reached by press time to discuss the purchase.

Brian Murphy, ARA principal in Dallas, says the marketing run brought more institutions to the table than any other buyer type, which was commingled with some private investors and tenant-in-common investment groups. “It received a tremendous amount of interest. It was a ‘Who’s Who’ of buyers,” Murphy tells GlobeSt.com. “BlackRock was the best offer on their price and terms.” He and ARA colleagues Jerry Lamm, Jeff Pritchard and Brian O’Boyle brokered the sale.

The Jefferson at Park Center, situated on 13.8 acres, was developed in 2000. It fronts Forest and the service road to US Hwy. 75 and neighbors Medical City of Dallas. The asset features a parking garage and 13,000 sf of retail, leased to Luna de Noche restaurant and FedEx/Kinko. The unit mix is one-, two- and three-bedroom floor plans with 216 townhouses, 167 apartments in mid-rise buildings and the balance as flats. Units range from 592 sf to 1,596 sf; monthly rents go from $850 to $1,611.

“The upside is the irreplaceable infill location, institutional-grade quality and proximity to employment,” Murphy stresses. “It’s just a solid, solid trophy asset.”

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?


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.