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Townhome and Large Unit Floor Plans Dallas, TX | 166 Units
Attractive Freddie Mac Fixed Rate Loan Assumption
Executive Summary
Berkadia is pleased to offer for sale the fee simple interest in the 279-room Embassy Suites Dallas | Park Central Area, located in Northern Dallas along the North Central Expressway. Situated at the interchange between Highway 75 and I-635, the Hotel is easily accessible to the desirable suburbs of Addison and Richardson, and ideally situated proximate to a major corporate presence, including corporations such as Raytheon, Texas Instruments, Ericsson, and the growing Telecom Corridor. This offering presents investors with a rare opportunity to acquire a fee simple institutional quality asset located in a highly desirable market, with an opportunity to take advantage of highly accretive, below-market acquisition offered by the existing lender against purchase price and renovation.
BOUTIQUE APARTMENT COMMUNITY IN PRESTIGIOUS DALLAS NEIGHBORHOOD ADJACENT TO GOLF COURSE
VERY LARGE UNITS INCLUDING TOWNHOMES
EXTENSIVE RENOVATIONS COMPLETED
VALUE-ADD OPPORTUNITY
PHENOMENAL RENT GROWTH
INVESTMENT HIGHLIGHTS
Located just west of Downtown Dallas adjacent to Stevens Park Golf Course within the historic Kessler Park neighborhood, one of the most affluent residential neighborhoods in DFW. West Dallas is booming with the Trinity Grove and Bishop Arts neighborhoods leading a renaissance. Forma has seen extensive renovations with significant value-add upside remaining.
Forma offers rental homes that are significantly larger than other apartments in the surrounding area. The average unit size is 1,153 SF. The property features flats, lofts, and townhomes and all buildings are two stories.
The property has received several extensive interior and exterior renovations over the last ten years. Each renovation has lifted the property including the interiors to a level similar to the interiors of the new Class A apartments in the Bishop Arts/Kessler Park neighborhood. 162 of the 166 units have been renovated or are under renovation.
The opportunity still exists for interior upgrades such as hard surfaced counter tops, as well as renovations to common area amenities that will add additional value.
Over the last 18 months, the property is experiencing extremely strong lease-over-lease growth which supports the economics of further value-add. The average increase for leases in the last 18 months demonstrated a 13% increase.
1330 Winding Brook Lane, Dallas, TX 75208
166 units (including one unit as an office)
1965
9.69 acres
19, 2-story buildings, fitness center, 2 boiler/mechanical buildings
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PROPERTY Overview
The Embassy Suites by Hilton Dallas Park Central Area is conveniently located at the interchange of I-635 and US-75, providing easy access to key attractions in the city. The hotel is just a short distance of approximately 3 miles from the Texas Instruments Headquarters, a sprawling 110-acre campus with approximately 3,000 employees. Medical City Dallas Hospital, a leading healthcare institution with 367 beds and over 100 physicians, is within an approximately 3-mile drive. The Dallas College Richland Campus, which spans over 155 acres and serves more than 20,000 students, is only about 4 miles away. Additionally, the vibrant NorthPark Center, a popular shopping destination with over 2,400,000 square feet of retail space, is also just about 6 miles away from the hotel.
The Location
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Greg Smith Senior Managing Director 817.313.7081 Greg.smith@berkadia.com
Paul Harris Senior Managing Director 972.764.8490 Paul.harris@berkadia.com
Caleb Jones Senior Director 201.952.1785 Caleb.jones@berkadia.com
Thad Wetterau Senior Director 972.754.5420 thad.wetterau@berkadia.com
Eric Calub Senior Director 972.567.3560 eric.calub@berkadia.com
Jay Gunn Managing Director 214.679.7100 jay.gunn@berkadia.com
Tom Burns Managing Director 469.369.9400 tom.burns@berkadia.com
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Located in Upscale Kessler Park
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EXISTING FREDDIE MAC FIXED RATE ASSUMABLE LOAN WITH 8 YEAR TERM AND BELOW MARKET RATE
Forma at The Park offers a very attractive Freddie Mac fixed rate assumable loan with a below market interest rate of 4.64% and a balance of $26,625,000 with approximately 3 years of I/O remaining and 8 years of term. This provides a significant opportunity to enhance overall returns.
EXISTING FREDDIE MAC FIXED RATE ASSUMABLE LOAN WITH 9 YEAR TERM AND BELOW MARKET RATE
Forma at The Park offers a very attractive Freddie Mac fixed rate assumable loan with a below market interest rate of 4.64% and a balance of $26,625,000 with approximately 3 1/2 years of I/O remaining and 8 1/2 years of term. This provides a significant opportunity to enhance overall returns.
Greg Smith Senior Managing Director 817.313.7081 greg.smith@berkadia.com
Paul Harris Senior Managing Director 214.232.8689 paul.harris@berkadia.com
Caleb Jones Senior Director 501.952.1785 caleb.jones@berkadia.com
Thad Wetterau Senior Director 972.754.5420 thad.wetterau@berkadia.com
Eric Calub Senior Director 972.567.3560 eric.calub@berkadia.com
Jay Gunn Managing Director 214.679.7100 jay.gunn@berkadia.com
Tom Burns Managing Director 469.369.9400 tom.burns@berkadia.com
OFFICE
DALLAS
5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
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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 loan brokerage business in Nevada.
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