May 28, 2024
CIM Group Sells 159-Unit Dallas Community
The property is 4 miles from downtown Dallas, while the DFW International Airport is some 17 miles away.

Vicentiu Fusea | Multi-Housing News

Lennox at West Village Apartments, a 159-unit community in Dallas, has recently changed hands. CIM Group sold the property, according to Yardi matrix information. Northmarq brokered the deal for the seller.

The asset previously traded in July 2013, when CIM Group bought it from CWS Capital Partners, the same source shows.

The four-story building came online in 2000. The unit mix consists of studio, one-, two- and three-bedroom floorplans, ranging between 458 and 2,520 square feet. Apartments feature stainless steel appliances and private balconies or patios in select units.

Common-area amenities at the more than 6-acre property include a swimming pool with sundecks, residents lounge, cyber coffee bar and a fitness center. Additionally, the community has a dog park, spa, courtyard with outdoor lounge, cabana-style beds, barbecue grilling stations and dining area.

Located at 3700 Cole Ave., the community is part of the West Village mixed-use development, which consists of 178 apartments and around 125,000 square feet of retail space. The property is 4 miles from downtown Dallas, while the DFW International Airport is some 17 miles away.

The Northmarq team arranging the sale included Regional Managing Director Taylor Snoddy, Senior Vice President Eric Stockley and Vice President Charles Hubbard.

Dallas transaction volume almost halves year-over-year

Dallas saw 20 communities—about 3,385 units—trading year-to-date through April, according to Yardi Matrix information. This marks an almost 50 percent drop since the same timeframe last year, when 35 multifamily properties totaling almost 7,070 apartments changed hands.

Last month, Sentinel Peak Capital Partners sold Eleven600, a 216-unit Dallas asset, for $21 million. The property traded before in 2018, when Sentinel acquired it from Ashcroft Capital.

Other notable deals in the area include LivCor’s sale of Domain at Midtown Park, a 395-unit property in North Dallas. Waterford Property Co., Northern Liberties and The Vistria Group, in partnership with Dallas Housing Finance Corp., purchased the community using funds from a $46.8 million Freddie Mac loan.

 

Recent

Shorehaven Mixed-Use Development Tops Out in Tempe

Shorehaven Mixed-Use Development Tops Out in Tempe

Cantor Fitzgerald and Silverstein Properties mark a milestone with Shorehaven, a new luxury mixed-use project on Tempe Town Lake, featuring residential units, retail, and community amenities for a premier waterfront experience.

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now