Dallas Apartment Sales

In the Dallas entire market 22 multifamily properties were sold in the month of February. Multifamily sales have increased by 69% over the previous month. In Dallas county, compared to February 2011, the number of units sold have increased by 832 units to close at 1,138 in February 2012. Some of the recent sales include:

In February 2012, Aragon 2011/Rockbrook Creek LLC, an entity of Aragon Holdings USA, has purchased Rockbrook Creek, a 343-unit Class A conventional, garden-style apartment community located at 2200 Uecker Drive in the Lewisville / FlowerMound submarket, from BES Rockbrook Fund IV LP, an entity of Sherman Residential. The garden style property is situated on 7.67 acres. According to the appraisal district records, the total assessed value is $10.16 million. The 13-year-old property is 93% occupied with average rents at $0.89 per square foot. The community features one-and two-bedroom units, ranging in size from 702-1,350 square feet. Property amenities include swimming pool, access gates, fitness center, park & ride nearby and 24-hour emergency maintenance services. Unit amenities include dishwasher, patio/balcony, intrusion alarms, ceiling fans and microwave. Pets are allowed at the community, with a breed limit of two and a combined weight limit of 80 lbs.

Another significant sale from that month is the sale of Britain Way. Irving Britain Way Apartments LP, an entity of Om Housing LLC has purchased Britain Way, a 168-unit Class D conventional, garden-style apartment community located at 1954 Shoaf Drive in the Irving submarket, from 1954 Ltd, an entity of Apartment Commercial Service. The 48-year-old community is 85% occupied with average rents at $0.92 per square-foot. The garden style property is situated on 5.13 acres. According to the appraisal district records, the total assessed value is just over $1.9 million. The community features one-, two- and three-bedroom units ranging in size from 574-910 square feet and rental rates ranging from $0.85-$1.04. Property amenities include laundry rooms, school bus pick-up, park & ride nearby, playground and 24-hour emergency maintenance services. Unit amenities include frost free, mini-blinds, ceiling fans, and fireplace - wood burning. Pets are allowed at the community, with a weight limit of 20 lbs and pet fee of $200. Al Silva of Marcus & Millichap’s Fort Worth office negotiated the sales on behalf of both the buyer and the seller.