Balfour Beatty, JLL Grow in the Sunbelt
- Jun 01, 2015
A joint venture between Balfour Beatty Communities and JLL Income Property Trust has acquired Townlake of Coppell, a 398-unit garden style apartment community in Coppell, Texas.
The price of the sale was not disclosed.
“The property has historically been well-occupied and should maintain strong occupancy due to the highly desirable school district and significant barriers to entry for new apartments in this area,” Allan Swaringen, JLL Income Property Trust’s president & CEO, said in a company statement. “This investment expands our apartment portfolio in a mature, bedroom community that has benefitted from its close proximity to DFW airport, Grapevine Recreation Area, local high-end retail shopping and downtown Dallas.”
Situated on 17.5 acres, Townlake of Coppell consists of one-, two- and three-bedroom units that range from 675 to 1,100 square feet. The units feature open floor plans, gourmet kitchens, washer/dryer connections, fireplaces, sunrooms, and balconies/patios.
Community amenities include two resort-style pools, an expansive playground, a basketball court and a 24-hour fitness center.
The Texas Workforce Commission reported in December that the Dallas-Fort Worth labor market increased 4.4 percent by adding 136,900 nonagricultural jobs—a high percentage in professional and business services and the transportation and utilities sectors.
The most recent Cushman & Wakefield multi-family snapshot of the Dallas/Fort Worth area forecasts that North Texas’ improving economy should translate into strong demand for the multi-family sector throughout 2015.
Townlake is one of only nine apartment communities in Coppell that boasts median single-family home values in excess of $320,000.
According to Swaringen, Coppell is one of North Dallas’ most desirable suburbs due to its central location for employment and the award-winning Coppell Independent School District.
Balfour Beatty Communities will provide property management services. The company currently has more than 45,000 residential units and $5.8 billion in real estate assets under management.