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 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 community, 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.