Dallas, Texas – In a recent real estate deal in Dallas, the multifamily housing company, Brazos Residential, has purchased The Thread Apartments, an expansive 606-unit residential compound. Expert brokerage for this complex transaction was provided by Northmarq‘s Taylor Snoddy, while Kevin Leamy performed the necessary orchestration of acquisition financing.
The erstwhile owner, the Presidium Group, had purchased the property in 2014, according to data sourced from Yardi Matrix. Notably, the asset was subject to a $37.5 million CMBS loan in 2020, secured by financial services powerhouse, Walker & Dunlop. Wells Fargo Bank assumed the mantle of trustee in this financial arrangement.
This substantial acquisition propels Brazos’ portfolio to new heights, now encapsulating six distinct properties situated within the bustling Dallas-Fort Worth area and extending its reach to 16 across the nation. The company’s previous investment foray involved a 280-unit multifamily dwelling in Raleigh, North Carolina
The Thread Apartments – A community in North Dallas
Sprawling across a generous 23.7-acre site, The Thread Apartments, a staple of the North Dallas community, was meticulously constructed in separate phases between 1969 and 1978. The compound boasts 72 diverse buildings, each brimming with a variety of studio, one-, two-, and three-bedroom floor plans that range from a cozy 465 to a spacious 1,256 square feet.
A plethora of amenities graces the site, including two swimming pools, a children’s playground, a tennis court, a pickleball court, and five conveniently located laundry facilities.
James Roberts, the managing partner and co-founder of Brazos, expressed his satisfaction over the recent acquisition in a prepared statement. He emphasized the property’s exit from a Land Use Restrictive Agreement, marking it as a significant milestone that permits the firm to inflate its inherent value promptly by transitioning to market-rate prices.
The strategic location of the community at 13606 Esperanza Road, in proximity to the junction of U.S. Route 75 and Interstate 635, enhances accessibility across the sprawling Dallas-Fort Worth metropolitan expanse.
Nestled in the Richardson submarket of North Dallas, the compound finds itself amidst a host of retail centers and a gastronomic panorama of dining options. The University of Texas at Dallas and the Medical City Dallas Hospital both find themselves within an approximate distance of 3 miles from this residential haven.
https://t.co/jSohtlt47o – Dallas Metro News
— DallasMetro.news (@DallasMetroNews) June 21, 2023