Wednesday, February 29, 2012

Telecom Corridor apartments trade after strong bidding

Institutional Realty Advisors
The 285-unit Venue complex is in one of the Telecom Corridor’s largest employment centers. “I had three public real estate investment trusts fiercely bidding for it,” said Will Balthrope of Institutional Realty Advisors.
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A Telecom Corridor rental community that overlooks one of Richardson’s light-rail stations has been purchased by one of the country’s largest apartment owners.
Illinois-based Amli Residential bought the Venue apartment complex located in the Galatyn Park urban center on U.S. Highway 75.
The four-story, 285-unit apartment project is next to Richardson’s performing art center and in the middle of one of the Telecom Corridor’s largest employment centers.
“It’s a really high-profile property that was just built,” said Will Balthrope of Institutional Realty Advisors. “It’s the finest quality and just 100 yards from the DART rail stop.”
Balthrope and partner Lindsay Allen have been marketing the luxury project to investors for a few months.
“I had three public real estate investment trusts fiercely bidding for it,” Balthrope said. “Almost every major apartment owner in the country was tracking this sale.”
Terms of the transaction were not disclosed.
The building is almost fully leased at rates of between $830 and $2,200 a month.
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