Strategic Capital, Crest Asset Sell 636-Unit Dallas M-F Portfolio
- Aug 12, 2013
Seven years after Strategic Capital Partners L.L.C. and Crest Asset Management acquired St. Andrews Apartments and Montclair Apartments, two multi-family communities totaling 636 residences in Dallas, the joint venture partners have sold the Class A assets to Pensam Capital.
Developed in 1998, St. Andrews features 312 units at 9000 Vantage Point Drive, and Montclair, which opened its doors at 9001 Markville Drive in 1995, offers 324 residences. Together they have an average occupancy level of 98 percent.
SCP and Crest relied on commercial real estate services firm CBRE Group Inc.’s Dallas Multi-Housing Group to find a buyer for the properties, and if the sellers turned a huge profit on the disposition, few know it, as the parties involved in the transaction are keeping the sale price close to the vest. The current assessed value of St. Andrews and Montclair is $22.8 and $23.2 million, respectively, according to county records.
Dallas multi-family properties are high on investors’ radar these days. “Class A properties in Dallas have attracted a wide array of capital from local, national and foreign buyers given the strong apartment fundamentals coupled with exceptional job growth,” Ryan Reid, an executive vice president with CBRE Multi-Housing Group, told Commercial Property Executive.