The maxim “survive until ’25” isn’t bearing out, and some beleaguered multifamily operators are looking to sell.
That appears to be the case with Winstar Properties’ Parque Rio Apartments at 2727 North Buckner Boulevard in East Dallas.
Crexi shows the Los Angeles-based investor is asking $38 million for the aging property that’s saddled with nearly half a million dollars worth of lien claims that started in 2022. Birchwood Management Group was under contract to buy the property last year but the deal fell through, according to property records.
The asking price for the 386-unit apartment complex built in 1965 amounts to $98,500 per unit. The listing states the property’s net operating income is $1.86 million.
Winstar bought the property with a $26 million loan from Northmarq Capital in 2021, according to loan documents. It was valued at $20.7 million for tax purposes this year, appraisal records show.
The 264,000-square-foot complex sits on 17 acres near White Rock Lake.
Winstar, headed by Jonathan Wintner, bought the property from DIJ in 2021. Winstar operates multiple apartment complexes and student housing in Southern California, according to its website. It purchased a 45-unit apartment complex in Glendale for $8.8 million ($196,000 per unit) earlier this summer, Traded reported.
North Texas’ multifamily market is still stabilizing after a historic number of apartments were delivered in 2023 and 2024 — nearly 80,000 in two years.
The deluge of supply has dampened rents, which were down 3.1 percent year over year at the end of 2024, according to data from Partners Real Estate. Meanwhile, vacancy is higher than it’s been in 20 years, at 10.8 percent.
Experts predict rent numbers will settle, since the pipeline has contracted dramatically, with permits in Dallas down by 54 percent between 2021 and 2024, Partners said. Optimistic predictions estimate this year could end with positive rent growth.
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