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GRAND PRAIRIE, TX-Benjamin E. Sherman & Sons, Inc. has added to its growing Dallas holdings with the acquisition of Indigo Pointe at Grand Prairie. In acquiring the high-end 300-unit complex from Flourney Development, the buyer ends up with a 93% asset located near the Dallas Cowboy’s under-construction stadium.

Confidentiality agreements prevented release of the actual sales price release, but comparable properties in the area have traded for between $85,000 and $105,000 per door. The Tarrant County Appraisal District pegs the class A asset’s value at $24 million. Meanwhile, the cap rate on the in-place numbers for the property at 3033 W. Bardin Rd. was slightly above 7%.

Seller representative and CB Richard Ellis executive vice president G. Craig LaFollette says the Columbus, GA-based Flourney Development is a merchant builder with an MO of construction, lease-up and then selling. As for the Deerfield, IL buyer, “they know the area. They own a lot of properties in Dallas and Austin,” says Houston-based LaFollette.

LaFollette shared marketing duties with CBRE’s Houston brokers J. Todd Stewart, executive vice president; M. Todd Marix, senior vice president; Tre T. Banks, vice president and associate Christopher D. Curry. CBRE Dallas office executive vice presidents Mark J. Stymiest, William J. Baxter Jr. and Dirk Goris were also in on the transaction.

LaFollette tells GlobeSt.com that the three-year-old Indigo Pointe attracted 10 offers during its 30-day marketing period. Sherman & Sons’ Sherman Residential division’s bid ultimately won it the asset, though LaFollette says there was more to the deal than a high offer.

“I’ve known Scott Gould, Sherman’s acquisition director, for a long time,” LaFollette explains. “He’d done other deals with our Dallas team and I knew they had the resources and capabilities to get this one closed.”

What also impressed the seller, LaFollette continues, were the buyer’s actions during the marketing period. “Before we even accepted their offer, they had their decision-makers come to town and spend a weekend looking at the property,” he says. “They said they liked it and wanted to move forward on it, and that impressed the seller.”

Indigo Pointe is situated on 15 acres and offers one-, two- and three-bedroom units. The average unit size is 997 square feet, with rent per unit at $969 per month.

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