LOS ANGELES--Paladin Preferred Capital (PPC), an affiliate of BRC Advisors, has acquired a 97-unit multifamily complex in Dallas. Park Lane Apartments is located at 3040 Park Lane in North Dallas, east of Interstate 35-E.
“This attractive C+ property is a well-maintained 97-unit multifamily community built in 1974 and renovated in 2007,” says Ken Chong, director of capital markets for Paladin. “It sits on four acres and consists of 12, two-story townhouse-style buildings with condos across the street.”
Los Angeles-based Paladin Preferred Capital LLC is a private equity joint venture between industry veterans BRC Advisors, CREX Inc. and Bellaire Investments Inc.
“Paladin is very interested in purchasing additional properties in apartment, student housing and single family around colleges,” James Huang, president and CEO of BRC Advisors, told GlobeSt.com. “We think there are tremendous growth opportunities currently and in the future in this market and product types.”
Paladin's president, George Lintz, agreed.
“If you think it is difficult to find good multifamily investments in Southern California, just about everyone would agree with you,” he says. “Cap rates in the low 4 percent range just do not produce reasonable cash flow or a safety cushion for today's investor. In addition, one must take into account the risk factors from economic slowdowns, increased interest rates and future higher cap rates, which have significantly impacted buying decisions.”
While Dallas is a very desirable location for acquisitions, Lintz says U.S. buyers must do a lot of sourcing to find well-priced assets there.
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