DALLAS (globest.com) – McDowell Properties has purchased 1,194 apartments; Class-A and -B units within the Metroplex from Chicago-based Equity Residential Properties Trust.
Madison on the Parkway has 376 apartments on 15 acres at 19002 Dallas Pkwy. Its one-, two- and three-bedroom apartments, some with attached garages, average 904 square feet. Rents range from $655 to $1,175.
Wimberly Apartment Homes have 372 units on almost 17 acres at 4141 Horizon N. Pkwy. The mix of one-, two- and three-bedroom apartments, also with some garages attached, average 921 square feet. Monthly rents range from $625 to $1,427.
Villas of Josey Ranch consists of 198 units on more than 12 acres at 2050 Keller Springs Rd. in Carrollton. One-bedroom apartments average 849 square feet with rents ranging from $695 to $820 per month.
Wimbledon Oaks Apartments is a 248-unit complex on just over nine acres at 1802 Wimbledon Oaks Lane in south Arlington. It has one- and two-bedroom apartments with monthly rents ranging from $575 to $880. Units average 766 square feet.
The four complexes, financed separately with fixed rates on seven-year Freddie Mac loans from Wachovia Securities LLC, had occupancies of about 95 percent at sale time.
CB Richard Ellis in Dallas marketed the Madison and Wimberly Apartment homes. which will be managed by Dallas-based Milestone Management LP.
Apartment Realty Advisors marketed the Wimbledon Oaks and Villas of Josey Ranch Complexes, to be managed by the Dallas office of Bernard/Allison Management Services Inc..
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