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Apartment Sales in Dallas

Real Estate remarks a measurable change in the market conditions prevailing in Dallas. In the total Dallas market, 27 multifamily properties were sold in the month of October 2012. This represents a d...

Real Estate remarks a measurable change in the market conditions prevailing in Dallas. In the total Dallas market, 27 multifamily properties were sold in the month of October 2012. This represents a decrease of 34.15% when compared to October 2011, when 41 properties had been sold. In terms of units, Dallas County has shown a decrease of 45.13% in the number of units sold (1,329 units) compared to October 2011. In terms of square-feet, overall total sale have decreased by 850,544 square feet to close at 1,345,129 square-feet in October 2012. This represents an increase of 1.86 % over August 2011. Some of the recent sales include:

In October 2012, CRP Skillman Apartments LP, an entity of The Carlyle Group has purchased Las Cascadas, a 798-unit, Class B apartment community located at 9340-9350 Skillman Street in the Richardson submarket, from CRP/TBG Central Park LP, an entity of The Bascom Group. The 29-year-old community is 82% occupied with average rents at $0.76 per square foot. The garden-style community features one-, and two-bedroom units, ranging in size from 540 to 1,004 square feet and rental rates ranging from $0.68 to $0.91 per square foot. Property amenities include high-speed internet, conference room, swimming pools, laundry rooms, volleyball court, tennis court and a handicap modified. Unit amenities include ceiling fans, ice-maker, frost free, pantry, outside storage, disposal and walk-in closets. Pets are allowed at the community, with a breed limit of two and a deposit fee of $300.

Another significant sale noted from that month is the sale of Tuscan Villas. Fairfield Tuscan Villas LLC, an entity of Fairfield Residential Company LLC, has purchased Tuscan Villas, a 288-unit, Class A apartment community located at 6445 Love Drive in the Irving submarket, from Tuscan Apartments Acquisitions Company, an entity of JPMorgan Chase & Co. The nine-year-old community is 94% occupied with average rents at $1.26 per square foot. The community features one-, two- and three-bedroom units ranging in size from 675 to 2575 square feet. The rental rates range from $1.03 to $1.42 per square foot. Property amenities include business center, 24hr emergency maintenance, school bus pick-up, reserved parking and tanning center. Unit amenities include ceiling fans, dishwasher, Berber carpet, garden tubs and disposal. Pets are allowed at the communityPsychology Articles, with a limit of two and a weight limit of 75 lbs with deposit of $150-200 and pet fee of $250. Parking garage is available for this property.


Article Tags: October 2012, Square Feet, Square Foot, Amenities Include, Tuscan Villas

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ABOUT THE AUTHOR


Market research services include both data and consulting services. Quality and timely market data has markedly increased the transparency of real estate markets. This provides developers, investors and lenders with information to make informed decisions. Our ability to research, analyze and interpret market trends is a major reason for why developers and acquisition experts rely on O’Connor & Associates for market studies, feasibility studies, Dallas Apartment Lease rent studies, tax credit studies, project design guidance, Dallas Commercial Property property performance valuation and lease audits. O’Connor & Associates is an acknowledged source of trends in real estate investing and market activity.



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