Tuesday, December 03, 2013

Investment partnership buys apartments near Telecom Corridor

The Dallas apartments were built in the 1970s. (Performance Properties)
A longtime Dallas-area apartment investor has made a purchase near Richardson’s Telecom Corridor.

Performance Properties LLC acquired the 416-unit Vista Buena Apartment Homes at 13350 Maham Rd in North Dallas.

The apartment community is almost fully leased and was built in the 1970s.

“This is a classic value-add property with a good location and high occupancy,” David McQuaid, principal of Dallas-based Performance Properties, said in a statement.

The investor bought the property for a new partnership that was formed to buy apartments priced between $10 million to $20 million. Terms of this sale were not disclosed.

By Steve Brown