Monticello Keeps North Dallas’ M-F Market Thriving with New Buy
- Jan 05, 2015
Monticello Asset Management, of Dallas, has bought the 148-unit Willoughby Park Apartments in North Dallas, it was announced Friday by the Henry S. Miller Co., which brokered the sale.
The seller was Willoughby 8328 L.L.C., and the buyer “plans to make many upgrades to the property,” according to the announcement. The property is on an 8.5-acre site at 8328 Willoughby Blvd.
The price was not disclosed, and as of press time, neither Monticello nor Miller had replied to Commercial Property Executive’s requests for additional information.
Jonathan Krebbs and Lane Kommer of Miller’s Investments/Land Division brokered the transaction.
Henry S. Miller Co. has been busy of late. Also on Friday, the company announced a sale to Whitestone REIT, Houston, of Williams Trace Shopping Center, a 262,000-square-foot grocery-anchored center, in Sugar Land, a Houston suburb. That transaction was brokered by HFF.
Apartment vacancies in North Dallas average 5.0 percent, an increase of 60 basis points year over year, while the average effective rent is $869, up 4.6 percent year over year, according to a fourth-quarter report from Marcus & Millichap.
Multi-family sales velocity in the Metroplex rose nearly 15 percent versus the previous 12 months, with a per-unit price increase of about 4 percent and modest cap rate compression, to an average 7.1 percent, according to M&M.