ADDISON, TX-A joint venture comprised of Crossbeam Capital LLC and Concierge Asset Management has entered the Dallas-Fort Worth market with the acquisition of three adjacent apartment communities totaling 628 units.
The JV bought the class B assets from Hall Financial Group for an undisclosed amount through the Crossbeam Capital-managed Workforce Housing Fund I -2007. The properties – Bent Tree Oaks, Bent Tree Brook and Bent Tree Fountains – consist of 83 two-story buildings on 38 acres.
“We’ve had our eye on these properties for more than a year,” says Brad Blash, chief acquisitions officer for Crossbeam Capital. He tells GlobeSt.com that Crossbeam bid on the properties when Hall Financial first placed them on the market, but was outbid by other buyers. In fact, the portfolio was put under contract several times but never closed.
Earlier this year, Tom Burns and Jay Gunn with Hendricks and Partners’ Dallas office, who were in charge of marketing the portfolio, notified Crossbeam’s broker, Tom Cabibi of Altitude Real Estate Advisors, that the portfolio was still available.
“The price was more in line with our original expectations, and we were able to make an offer that was about 20% below the strike price the seller wanted a year ago,” Blash says.
The JV was able to put the portfolio under contract in less than an hour due to the strong relationship between Concierge chairman Maxwell Drever and the seller, Craig Hall. In fact, Drever contacted Hall and said ‘If I overnight you a personal check as a non-refundable deposit, will you sell us the portfolio?’ Craig agreed.
The three apartment communities, located in the 4800 block of Westgrove Drive, were built in 1980. The new owners will invest $5.9 million to upgrade the properties including a new 2,500- square-foot clubhouse with an Internet Caf
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