The Chicago-based buyer, Transwestern Multifamily Partners LLC, didn't return telephone calls to discuss the acquisition of the 24.4-acre signature development at 6201 Love Dr. Archstone-Smith had a no-talk order resting against the asset sale, which was marketed by Cushman & Wakefield of Texas Inc.'s senior director Don Ostroff and associates Lamont Rattler and Jason Boyce.
Multifamily brokerage circles consider the Grand Venetian at Las Colinas to be one of the top properties of its type in the submarket. Archstone had renamed the 23-building asset Archstone Las Colinas after it bought it as Oakwood at the Grand Venetian in 2001. The changed monikers, though, never quite stuck in local circles.
The Dallas team for Italy-based Palladium Group Inc. developed the Grand Venetian in 1998, a well-parked development with its front door actually along MacArthur Boulevard, a primary thoroughfare, rather than Love Drive and on the banks of one of the lakes created by damming Hackberry Creek. The one-, two- and three-bedroom units average 938 sf. The location was cemented with a design that sports a 60-foot glass tower, full-service health club instead of a run-of-the-mill fitness center, three swimming pools, one with a waterfall, and a sand beach. According to rental websites, the month rates run from $740 to $1,300.
Palladium sold the asset in October 2001 to Los Angeles-based Oakwood Corporate Housing, which had presented it as a hotel-type property to target the corporate housing market. At that time, the 482,000-sf asset traded for $89 per sf, which factors out to $42.89 million. Oakwood, in turn, passed it to Archstone, reportedly for operating partnership units in the REIT. With the Las Colinas submarket clearly recovered from the 2001 downturn, the seller most likely banked the going market rate for comparable assets, which have been weighing in at $90,000 to $100,000 per door.
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