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Essence on Maple is a podium-style 340 -unit luxury apartment building completed by Trammell Crow Residential in 2019. Complete with 9’+ ceilings, granite countertops, stained concrete or wood-style plank flooring, Wi-Fi enabled smart thermostats,wood plank style flooring, and stainless-steel appliances. The community amenities complement the apartment interiors including a boutique-hotel inspired pool, courtyards with private cabanas, clubhouse, resident lounges, and fitness and cardio facility. Essence on Maple is institutionally managed but has not been substantially upgraded since original development.
EXECUTIVE SUMMARY
Class A Multifamily Investment Opportunity Intown Dallas Location
The South Market District is located in the center of downtown New Orleans and is a cutting-edge community that provides a dynamic mix of restaurants, retailers and entertainment with high end residential buildings and hospitality venues.
The buildings reflect renowned architecture and innovative design features culminating in one of New Orlean's most vibrant neighborhoods. South Market covers a five-block area connecting New Orlean's Sports/Entertainment district (Caesars Palance Superdome and Smoothie King Center) with the CBD and Warehouse/Arts District. Streetcars stop a few blocks away and helps connect South Market to the burgeoning Biomedical District as well as the Crown Jewel of New Orleans, the French Quarter.
Nathan Stone
Managing Directornathan.stone@berkadia.com214.394.3444
Chris Pollard
Managing Directorchris.pollard@berkadia.com214.360.3839
Financing:
Greg Smith
Senior Managing Director817.313.7081Greg.smith@berkadia.com
Thad Wetterau
Senior Director972.754.5420thad.wetterau@berkadia.com
PAUL HARRIS
Senior Managing Director
214.232.8689
paul.harris@berkadia.com
Investment ADVISORS:
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8550 United Plaza Boulevard
Suite 702
Baton Rouge, LA 70809
BATON ROUGE, LA
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
5960 Berkshire Lane
Suite 1000
Dallas, TX 75225
DALLAS, TX
01
PREMIUM MULTIFAMILY INVESTMENT OPPORTUNITY
Essence on Maple is a podium-style 340 -unit luxury apartment building completed by Trammell Crow Residential in 2019. Complete with 9’+ ceilings, granite countertops, stained concrete or wood-style plank flooring, Wi-Fi enabled smart thermostats, wood plank style flooring, and stainless-steel appliances. The community amenities complement the apartment interiors including a boutique-hotel inspired pool, courtyards with private cabanas, clubhouse, resident lounges, and fitness and cardio facility. Essence on Maple is institutionally managed but has not been substantially upgraded since original development.
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340 Units | Built 2019
2626 Throckmorton Street, Dallas, TX 75219
Site Address
# of Units
Residential NRSF
Site Size
Site SF
Density
Year of Completion
# of Buildings
Parking
Parking Ratio
Elevators
PROPERTY PROFILE
02
LOCATION NEXT TO DALLAS’ PREMIER OLD PARKLAND OFFICE DEVELOPMENT
Essence on Maple is directly across the street from Old Parkland, an office development that has the highest office rents in Dallas and the highest concentration of private equity firms, family offices, foundations, and wealth management firms in North Texas. This world-class office campus features unparalleled amenities, open spaces, and elegant finishes. The $156-million Old Parkland East Campus expansion is adding 255,000 SF in three halls and expected to deliver by Fall 2024.
04
SUBSTANTIAL DISCOUNT-TO-REPLACEMENT-COST OPPORTUNITY IN PREMIER RENTAL MARKET
The Oak Lawn/Uptown neighborhood is the premier apartment rental market in D/FW consistently garnering top tier rents. The submarket experienced substantial demand that has kept pace with new product. New supply deliveries are decreasing rapidly and new deliveries that are underway are predominantly high rise construction that is not directly competitive with Essence on Maple.
05
WALKABLE PROXIMITY TO RESTAURANTS, NEIGHBORHOOD SHOPPING, LIFESTYLE AMENITIES
Maple on Essence’s location boasts a live-work-play environment within the Oaklawn/Turtle Creek neighborhood, one of Dallas’s most vibrant and sought-after areas for it’s high end mix of residential and commercial spaces. This area is rated as a “walker’s paradise” with a 92-walk score, giving tenants the ability to run daily errands by foot. Other nearby live-work-play directly accessible areas include Reverchon Park, the Katy Trail, American Airlines Center, Victory Park, West Village and hundreds of neighborhood retailers, restaurants, theaters and entertainment venues that populate Intown Dallas.
03
RENT UPSIDE FOR 54 UNITS
Some of the units facing the construction view receive a discount totaling $32,000 annually (54 units x -$50 = $2,700 x 12 months) this will likely be not just neutralized but turned into a positive view amenity premium of Old Parkland/Downtown in the near term.
Location
The
The South Market District is located in the center of downtown New Orleans and is a cutting-edge community that provides a dynamic mix of restaurants, retailers and entertainment with high end residential buildings and hospitality venues.
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Gallery
2626 Throckmorton Street
340
297,794
2.64
115,129
128.6
2019
1, 6-Story Building
489 Spaces
1.44
3 Total (2 Passenger + 1 Freight)
INVESTMENT HIGHLIGHTS
Uptown/Turtle Creek Office Market (Uptown)Essence on Maple is in the midst of the the Uptown/Turtle Creek office market, which is home to Dallas’ most high-profile employers (1,270 workplace establishments) and highest office rents. Other major developments include: a new 14-story 800,000 SF campus for Goldman Sachs, and a new 30-story 500,000 SF tower for Bank of America, both within 5 – 10 minutes of Essence on Maple.
Additional Key Apartment Demand Generators for Essence on Maple:
Dallas Medical District ExpansionsWith over 42,000 employees, The Dallas Medical District boasts the highest concentration of medical employment in DFW. Two new hospital expansions are currently underway in the district totaling an additional $3 Billion in development. Children’s Health and UT Southwestern are building a new campus via a JV including a 532-bed expansion at Childrens and 295-bed expansion at UTSW. The property is also walkable to Scottish Rite Hospital at Maple and Oak Lawn.
Love Field Airport Southwest Airlines has their corporate headquarters, training facilities, and largest hub less than 10 minutes northwest of Essence on Maple. Love Field Airport serves more than 16.9 million passengers and 12,560 jobs. Love Field experienced a doubling of enplanements and deplanements in the decade that followed the lifting of the Wright amendment in 2014, sparking extensive development.
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ERIC CALUB
Senior Director
eric.calub@berkadia.com
972.567.3560
Caleb Jones
Senior Director201.952.1785Caleb.jones@berkadia.com
Brad Mason
Directorbrad.mason@berkadia.com214.675.9719
Laura Cathlina
Senior Managing Directorlaura.cathlina@berkadia.com312.339.5343
JOHN KOEIJMANS
Senior Managing Director
john.koeijmans@berkadia.com
214.455.6483
Jason Rice
Managing Directorjason.rice@berkadia.com214.360.3811
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Eli Gershenson
Managing DirectorEli.Gershenson@berkadia.com214.354.8267