628-Unit Offering Whittles At Hall Portfolio

ADDISON, TX-In its continuing move out of multifamily ownership, Hall Financial Group in Frisco has put its 628-unit Addison Bent Tree Portfolio on the market. The three properties in this north Dallas suburb are being offered as a complete package at a $38.5 million ask.

On the block are the 248-unit Bent Tree Brook at 4820 Westgrove Dr.; the 196-unit Bent Tree Oaks at 4815 Westgrove Dr. and the 184-unit Bent Tree Fountains, located around the corner at 16400 Ledgemont Dr. The assets were constructed in the late 1970s, and Hall upgraded 171 units with new cabinets, baths, countertops, flooring and carpet and stainless-steel appliances.

Still, according to the Hendricks and Partners brokers who have the marketing assignment, there is enough value-add potential for a new owner in the 93%-occupied portfolio. “People have been trying to buy these for years. But Hall Financial has never been a seller, until now,” comments Tom Burns with Hendricks and Partners’ Dallas office. Also on the marketing team are Jay Gunn and Tom Warren in the Dallas office, and Jim Hearn, who operates from Houston.