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DALLAS-The 11-year-old, 228-unit, 95%-leased Archstone North Dallas Apartment community is under new ownership today with a new name. Harbor Group International LLC of Norfolk, VA is the new owner. The property at 4750 Haverford Ln. is now called Stone Ridge. Harbor declined to disclose the acquisition price, identify the seller or state the average asking rent range.
However, area multifamily brokers familiar with Far North Dallas submarket tell GlobeSt.com that Harbor paid at least $80,000 per unit or an estimated aggregate total $15 million for the class A, 11.4-acre property. That price was substantially under current replacement cost of about $100,000 per unit, construction sources in a position to know tell GlobeSt.com. The deal was done as a 1031 tax-deferred exchange.
Archstone-Smith Trust of Englewood, CO had once owned and managed the asset but didn't own or manage the property at the time of this sale, area brokers tell GlobeSt.com. The apartments were also once known as Oakwood of North Dallas, according to area listing brokers.
The property is scheduled to receive interior and exterior improvements that will cost Harbor an additional $923,000 or $4,048 per unit, Harbor president T. Richard Litton says in a prepared statement. Litton says he is particularly pleased with the deal because the property is near employment sources, high-end retail, schools and major interstates and highways.
The North Dallas acquisition brings Harbor's Dallas multifamily portfolio to four properties and 1,247 units, according to Litton. The Dallas acquisition follows Harbor's $15.4 million purchase of the 224-unit Century Lake Apartments in Cincinnati. In that transaction, Harbor paid Century Lakes LLC $68,750 per unit for the 19-year-old, class B property.
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