Multifamily Owner Shuffling 3,500-Unit Portfolio in North Texas

DALLAS-A Del Mar, CA multifamily owner has crossed off the second trade in a portfolio sell-off of Dallas/Fort Worth properties, ending a 10-year hold in most cases and setting up a replacement buying spree in Texas. Five of the six properties left to sell will change hands next month.

On the market for $7.5 million, the 318-unit Skyline Place Apartments at 4700 Wimbelton Way in East Dallas brought 30 offers in a four-month marketing period that ended with eight full-price bids, Tom Warren, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. Scoring the win was a Bakersfield, CA-headquartered investment group, State Road Skyline LP-Arppel Inc.

Next month, a single buyer is lined up to scoop up five of the six remaining assets in the 3,500-unit sell-off of class C and class C-plus properties. Warren says the sale culminates a 10- to 12-year hold. “It was time to get out,” he explains of the turnover. The first to go was the 232-unit LaSalle Crossing at 1600 LaSalle Dr. in Sherman, which sold a few months ago.