Deals Day: Dallas investors make big trades
Dallas Business Journal | Candace Carlisle | February 24, 2017
With a hot Dallas-Fort Worth real estate market under its belt, Stoneleigh Cos. LLC — the development firm behind the newly completed One Uptown in Dallas— has sold two of its apartment communities in Keller.
The two communities, Dominion Town Center and Lakes of Stone Glen, were acquired four years ago in February 2013, with the principals of Stoneleigh Cos. being the original developers of the apartment communities.
Both communities sold on Feb. 17. The 276-unit Dominion Town Center was sold with 96 percent occupancy rate, while the Lakes of Stone Glen, a 216-unit community, sold at a 99 percent occupancy rate.
CBRE represented Stoneleigh in the deal.
With all-time high occupancy rates and rental rates in North Texas, Stoneleigh, in partnership with Realty Capital Management, closed on a 4-acre tract at the northeast corner of Interstate 35 and Belt Line Road in Carrollton for a new apartment development.
The 234-unit apartment project, known as Switchyard Apartments, will feature luxury studio, one- and two-bedroom apartment homes ranging from 525 square feet to 1,262 square feet with granite countertops, hardwood floors and stainless steel appliances.
“Switchyard will be our latest new construction project in the Dallas area and will take advantage of the ongoing growth of the Carrollton market,” said Rick Cavenaugh, president of Stoneleigh Cos., last month.
“Our enthusiasm for the project is buoyed with the excellent location and the current health of this Dallas submarket,” he added.
Construction is slated to get underway by the end of this month. Upon completion of the Switchyard in 2018, Waterford Residential is expected to manage the property.