ADDISON, TX—Three Addison, TX apartment communities totaling 628 rental units located on 38 wooded acres have been acquired in a single portfolio from Hall Financial Group of Dallas by the Crossbeam Capital-managed Workforce Housing Fund I -2007.
Price was not disclosed.
The contiguous properties located north of the Dallas CBD—Bent Tree Oaks (top left photo), Bent Tree Brook (middle right photo) and Bent Tree Fountains (middle left photo)—consist of 83 two-story buildings designed in 1980 to provide a ‘luxury recreational lifestyle’ for residents who worked nearby and wanted a retreat after hours.
The rental range for the three properties start at $540 monthly for a one-bedroom apartment to $1215 for a two-bedroom townhome with its own garage.
The three apartment communities, located in the 4800 block of Westgrove Drive, will be redeveloped for $5.9 million by Crossbeam and its affiliated management company, Concierge Asset Management, Houston.
The improvements will reposition the properties to appeal to employees of Addison’s numerous corporate campuses. Concierge Management Services will manage the three apartment communities. Combined occupancy is currently 89%.
“Our partners, Concierge, have had its eye on this Bent Tree portfolio for more than a year and for good reason,” says Brad Blash, chief acquisitions officer for Crossbeam Capital, LLC. “It has a Class A location, minutes from The Galleria (ice rink, lower right photo), adjacent to the Dallas North Tollway, which is a 15 minute commute to downtown Dallas.
“Some 50,000 people alone work in the Addison corridor for companies supporting Microsoft, GE Capital Corp., Excel Communications and MBNA Information Services and they are our target audience,” says Blash. “Addison itself is one of the most affluent suburbs in the Dallas area with a median income of $80,000 per person.”
Ted Kerr, (lower left photo) president of Concierge, said the buyer and seller agreed on the acquisition in an hour.
“We had made an offer on the Bent Tree portfolio a year ago and it was rejected. Several months ago, Tom Burns and his partner, Jay Gunn, of the Dallas office of Hendricks and Partners, brokers for the seller, informed our acquisitions advisor, Tom Cabibi of Altitude Real Estate Advisors, that three other potential buyers were bidding for the portfolio and it might be going to contract as quickly as 24 hours.
Kerr said Cabibi immediately notified Concierge chairman Maxwell Drever who has known the seller, Craig Hall, a prominent Dallas entrepreneur, for a number of years.
Explained Kerr: “Maxwell called Craig and said, ‘If I overnight you a personal check as a non-refundable deposit, will you sell us the portfolio?’ Craig agreed. And our financial partners at Crossbeam Capital saw it as a solid addition to their Workforce Housing Fund.”
The three Bent Tree apartment communities have seven swimming pools with sun decks, picnic areas with gas barbeque grills, tennis courts and a free membership to the nearby Addison Athletic Center.
As part of the transformation and redevelopment, the new owners will build a 2500 square foot clubhouse with an Internet Café, gourmet kitchen, leasing office and a large covered deck overlooking a pond and a brook running through the property. New landscaping, several sports courts and new large gas grills will be added. Concierge Construction Company will coordinate all the improvements.
Blash says Crossbeam/Concierge, which closed six properties in December alone, will be acquiring “considerably more” workforce apartment communities from Washington D.C to Seattle in 2011.
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