IRVING, TX—Dallas-Fort Worth holds two aces in its central US location and moderate climate, but the “DFW Trifecta” truly lies in its business-friendly climate, growing job base and exploding population. While headlines often lead with news of historically high numbers of new units in the pipeline, DFW is simply building to demand.
As of mid-year 2017, the Dallas/Fort Worth MSA year-over-year increase of 108,200 jobs equates to almost 300 jobs added per day. With population growth seemingly tracking this trend, DFW added more than 800,000 people since the 2010 census or more than 115,000 people annually, GlobeSt.com learns.
At the same time, existing communities with below-market rents such as the 524-unit Broadstone Valley Ranch are enticing investments and long-term viable options for meeting the demand for moderately priced housing. Case in point is its recent acquisition by Dallas-based Provident Realty Advisors Inc.
Greg Smith of Moran & Company Southwest represented the seller, Alliance Residential, in the transaction at an undisclosed price. Fannie Mae financing was provided by Hunt Mortgage Group.
“Multifamily properties continue to benefit from the Dallas-Fort Worth MSA's historically high and sustained levels of both job creation and population growth, which make this region extraordinarily attractive to investors,” Smith tells GlobeSt.com.
Completed in two phases from 1985 to 1987, the Alliance community lies within the affluent Valley Ranch master-planned community and alongside the Fortune 500 employers of Las Colinas, the largest office concentration in DFW outside of downtown.
“Alliance recently completed extensive updates of the community common areas and amenities. They also initiated unit interior updates which have been well received. The property is well positioned for Provident to use its expertise to continue a value-add strategy of improving the units for additional rent premiums while still keeping rents below those of newer product,” remarked Smith.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
