Monday, August 27, 2012

Victory Park’s Vista apartments sell to J.P. Morgan investment fund

Investor JPMorgan Asset Management has completed its purchase of the Vista Apartments at Dallas’ Victory Park.
The six-story, 129-unit Vista building on Houston Street was built in 2006 and is 98 percent leased.
Terms of the transaction were not disclosed.
The Uptown building was sold by a joint venture that includes the German investment fund that is Victory Park’s largest owner.
“We had a very significant amount of interest in that project,” said Lance Fair, chief operating officer of Florida-based Estein & Associates, which represents the owners. “They were willing to agree to the terms and close quickly.”
The Dallas office of Holliday Fenoglio Fowler LP marketed the property for sale. It came on the market in June.
The building’s ground-floor retail space was not part of the deal.
JPMorgan, which owns other North Texas apartment properties, quickly emerged as the top potential buyer for the Vista, real estate brokers say. It bought the posh property for one of its institutional investment funds.


Real Estate Editor

Dallas Morning News