Dallas Transactions Leave a Mark
- Jun 05, 2011
In one of the biggest recent purchases within the Dallas area, New York-based Praedium Group, in collaboration with Mike Ochstein, president of Price Realty Group, has acquired the 362-unit Hidden Creek Apartments at 1200 College Parkway, Lewisville.
With Holliday Fenoglio Fowler L.P.’s senior managing director John Brownlee and managing director Brian Carlton representing the buyer and servicing the five-year, fixed-rate loan from Freddie Mac, the complex was sold by Waterton Associates for $26 million, or approximately $71,823 per unit.
The 14 three-story buildings are located on the Southeastern Corner of College Parkway and North Old Orchard Lane and include 339,220 square feet of one-, two- and three-bedroom units that average 939 square feet. The apartment community, built in 2000, is now nearly 100 percent leased and features an amenity package that includes an outdoor spa, a resort-style pool, a sports court, a sand volleyball court, a fitness center and a business center.
Holliday Fenoglio Fowler has been busy lately. It also represented the undisclosed seller of the Hilton Dallas/Park Cities in a recent transaction that led to the acquisition of the aforementioned hotel by Apple Nine Hospitality of Richmond, Va.
The financial terms of the transaction have not been disclosed, nor the amount that is to be invested by the new owner in additional renovations and updates on the building. The 244-room, full-service Hilton Dallas/Park Cities was built in 2010 and is equipped with 5,000 square feet of meeting space, a 24-hour fitness center, a full-service restaurant and bar and an outdoor pool, among other amenities.