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Sequoia TIC Wins Race for 304-Unit Complex

GRAND PRAIRIE, TX-The investment group bests 14 competitors for the Forum at Grand Prairie. The 89%-leased complex trades in the neighborhood of its $25.2-million ask.

By Connie Gore | Updated on December 14, 2007

(Read more on the multifamily market.)

GRAND PRAIRIE, TX-Up against 14 other offers, Sequoia Real Estate Holdings LP of Northglenn, CO has outplayed the competition for the 304-unit Forum at Grand Prairie with a bid in the neighborhood of its $25.2-million ask. The 89%-leased complex, marking its first birthday and sale, is the TIC buyer’s fifth pickup in North Texas.

The Forum at Grand Prairie, a 20.7-acre class A development at 2650 E. Forum Dr., was sold by American Opportunity Housing of San Antonio and Dallas-based Beucler Properties LP. “Most offers were entrepreneurial private capital,” Tom Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. “The draw for this property is all the excitement in this area.” The gated complex is located near Interstate 20 and the Great Southwest Parkway near Joe Pool Lake and just a few miles south of the under-construction Dallas Cowboys stadium, a $1-billion project, and GloryPark, a proposed support system of high-end residential, retail and office surrounding the NFL stadium.

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