New Metro Buyer Reels In 350 Units

DALLAS-With several competitors circling the deal, a 1031 exchange investor from Los Angeles has pocketed the win for a 350-unit complex in southwest Dallas. Sources say the asset has reeled in close to the $13-million ask.

The buyer of record, Westmoreland Road Apartments LP, has secured its first, but not its last multifamily asset in Dallas/Fort Worth. At least one other property is under contract, according to Tom Burns, associate partner for Hendricks & Partners in Dallas. He and Jay Gunn, a Hendricks’ senior investment adviser, represented the seller, the Strand Co. of Vancouver, BC, which was marking its 10th year as owner of Park Village Apartments at 7575 S. Westmoreland Rd. when it made the pass.

Burns says the 96%-leased complex is poised for a rent increase due to occupancy, condition and the market in general. The going-in plan, he tells GlobeSt.com, is to run it as-is, make moderate improvements to unit interiors and then boost rents. Even the overseer, Mayan Management Co. of Dallas, has been kept in place as has the property name for the 23-year-old Park Village.