Tuesday, January 29, 2013

Medical district apartments changing hands


An Ohio-based investor is buying a Dallas apartment community across the street from the new Parkland Memorial Hospital.
The 396-unit Alexan Southwestern apartments are on Medical District Drive near Maple Avenue. The 3-year-old rental project is also just south of DART’s medical district light-rail station.
Associated Estates Realty Corp. — a real estate investment trust — said in securities filings that the average rent in the Dallas project it is buying is $1,346 a month. The occupancy in the complex is more than 96 percent.
The Alexan Southwestern apartments were built by Trammell Crow Residential.
The purchase is planned to close in the third quarter. The apartments are valued for taxes at more than $33 million.
The $1.27 billion Parkland hospital project next door is scheduled to open in early 2015.
Construction of the new hospital and expansion of DART’s light-rail service to the area has prompted a boom in apartment construction. Several projects are in the works.
Associated Estates is based in the Cleveland area and owns 13,835 apartment units in eight states.
The Ohio firm is developing a 2.4-acre apartment project in Dallas’ Turtle Creek neighborhood near the Rosewood Mansion hotel. Associated Estates also owns two Dallas-area apartment projects north of LBJ Freeway.
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