Recent Apartment Sales in Dallas

In the entire Dallas market 28 multifamily properties were sold in the month of October. Compared to October 2010, multifamily sales have increased by 27%. In Dallas County, compared to previous year, the number of units sold has increased by 888 units to close at 2,422 in October 2011. Some of the recent sales include:

In October 2011, CRLP Medical District Drive LLC, an entity of Colonial Properties Trust Inc, has purchased Colonial Reserve at Medical District, a 278-unit, Class A apartment community located at 2222 Medical District Drive in the Turtle Creek/Cedar Springs submarket, from Worthing at Motor LP, an entity of Inland American Communities Group Inc, formerly known as FirstWorthing Company. The garden style property is situated on 5.47 acres. According to the appraisal district records, the total assessed value is $18 million. The 4-year-old property, formerly named Cityville at Southwestern Medical District, is 88% occupied. The community features one-, two-, and three-bedroom units, ranging in size from 502-1,465 square feet and rental rates ranging from $829-$1,727. Property amenities include swimming pool, access gates, fitness center, parking garage 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 35 lbs.

Another significant sale from that month is the sale of Oak Trails. KV12 Oak Trails LLC, an entity of Knightvest Capital has purchased Oak Trails, a 240-unit, Class C apartment community located at 2911 Clydedale Drive in the Love Field/Bachman Lake submarket, from Oak Trails LLC, an entity of JAG Holdings. The 37-year-old property is 50% occupied. The garden style property is situated on 4.83 acres. According to the appraisal district records, the total assessed value is just over $3 million. The community features one-, and two-bedroom ranging in size from 486-1,040 square feet and rental rates ranging from $465-$642. Property amenities include laundry rooms, swimming pools, school bus pick-up, park & ride nearby playground and sauna. Unit amenities include pantry, mini-blinds, ceramic tile, dishwasher and berber carpet. Pets are allowed at the community, with a breed limit of one and pet fee of $150. Parking space is not available for this property.