General Investment & Development Companies is looking to offload a Dallas apartment complex as North Texas’ multifamily market begins to thaw.
The Boston-based developer and investor listed the 331-unit Skye of Turtle Creek in Dallas’ Uptown neighborhood. JLL has the listing and is marketing the property as a “value-add opportunity” being offered at “a significant discount to replacement cost,” although the price wasn’t disclosed.
The 15-story apartment building was developed in 1998 and boasts 94 percent occupancy, according to the listing. The average household income of residents is more than $145,000, the listing said.
Skye of Turtle Creek, in Uptown, was appraised at $94 million this year, according to the Dallas Central Appraisal District. That’s a valuation of $284,000 per unit.
General Investment & Development Companies purchased the property in 2006 with a $100 million Fannie Mae loan that Deutsche Bank Berkshire Mortgage originated, Dallas County loan documents show.
The 14-story property, at 2217 Ivan Street, backs up to the Katy Trail and is adjacent to Reverchon Park.
Uptown is one of Dallas-Fort Worth’s few walkable neighborhoods. Lined with mature trees, the neighborhood offers plenty of trendy restaurants and bars.
The DFW multifamily market is beginning to show signs of life after soft pricing and high interest rates put multifamily transactions on hold last year.
So far in August, at least three DFW multifamily assets have traded. American Landmark Apartments bought the 366-unit Prose Eastgate in Fate. S2 Capital purchased the 238-unit Place at Saddle Creek in Carrollton. Vistria and Waterford teamed up to purchase a $67 million apartment complex in Oak Cliff.
General Investment & Development Companies has developed, acquired and managed more than 86,000 multifamily units in its 60-year history. The firm has offices in Atlanta, Dallas, New York, San Francisco and Boston.
In DFW, the firm also owns Windsor CityLine in Richardson and Windsor on White Rock Lake in Dallas.
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