BISNOW (JULY 5, 2018) -Exponential Property Group has picked up Quality Estates’ Dallas-Fort Worth portfolio of eight value-add apartment properties scattered across the Metroplex in Garland, Grand Prairie, Fort Worth and Dallas. The acquisition comes as Dallas multifamily rent growth is cooling.
The eight properties, which range from 122 units to 358 units, were built between 1977 and 1985. Before being consolidated into a single portfolio, each property was held by a single owner for an average of 28 years.
Institutional Property Advisors Executive Director Will Balthrope, who brokered the deal, calls the units well-maintained by long-term in-house management with little-to-no deferred maintenance issues. That presents a unique niche in the current market, where new construction, at much higher price points, continues to dominate the region.
“The portfolio gives the new owner tremendous first-generation repositioning upside,” Balthrope said.
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