APARTMENTS CROWNED

ARLINGTON, DALLAS (globest.com)

– King Properties of Miami has purchased two local Class-B apartment complexes from California-based IMT Real Estate Group.
Misty Ridge Apartments consists of 13 buildings on more than eight acres at 2300 Misty Ridge Circle near the under-construction Dallas Cowboys' stadium. The 186-unit apartment complex was 95 percent occupied at closing. The average monthly rent is $678. Its one- and two-bedroom units range from 544 to 1,022 square feet.
Riverfall Apartments is a nine-building, 144-unit complex on almost four acres at 7879 Riverfall Dr. in Dallas. Riverfall’s one- and two-bedroom units, including townhouses, have average rents of $658. Units in the 93 percent occupied complex range from 477 to 880 square feet.
King Properties will manage and lease the properties in-house. Apartment Realty Advisors in Dallas assisted with the transaction.

METROPLEX MULTIFAMILY LEASES MULTIPLY

DALLAS (Dallas Morning News)

– After a slow first half of the year, the Metroplex posted a surge in apartment leasing during the third quarter.
According to the most recent data from M/PF YieldStar Inc., almost 7,000 apartments have been rented since the end of June, pushing overall apartment occupancy in the area to more than 94 percent, the highest level in six years.
Developers started 2,384 apartments in the third quarter, bringing construction totals for the year so far to 5,534 units.
More than 13,000 apartments are in the construction pipeline, with the largest concentration of new units in central Dallas and in Irving's Las Colinas development.
This quarter, the average rent is $724 a month, up 2.3 percent from a year ago.

NEW BROADSTONES BREWING

Construction is underway on a new Broadstone apartment complex from Opus West Corp. and an affiliate of Alliance Residential Co. The Phoenix-based firms will break ground on a second complex next month.
Work began last week on Broadstone Walker Commons, a 352-unit, 17-acre development with frontage on League City Parkway, near I-45 and the Calder Road exit.
Construction will begin next month on Broadstone Cypress, a 312-unit development on 14 acres at SH 290 and Mueschke Road.
Both projects will be three-story, garden-style apartments with one-, two- and three-bedroom units ranging from 650 to 1,300 square feet.
Alliance will lease and manage both complexes. Local firm Steinberg Design Collaborative LLP is the architect.