Friday, March 27, 2015

Big apartment communities sell in Far North Dallas

A Dallas-based investor has teamed up with an Asian firm to purchase a large apartment community in Far North Dallas.
CAF Capital Partners and Button Capital Ltd bought more than 700 apartments in the Emory at Horizon North and Ashmore at Horizon North rental communities located on the Bush Turnpike west of the Dallas North Tollway.
CBRE Capital Markets arranged funding for the acquisition with an affiliate of Highland Capital Management and helped CAF and Button form the joint venture.
The apartments were built in the late 1990s. The new owners plan to make upgrades to the properties.
“We were able to purchase two well-located, institutional assets at a great basis,” Chris Faulkner, principal at Dallas’ CAF Capital Partners, said in a statement. “Our relationship with Button will be key in the expansion of CAF not only in Texas, but nationally.”
The apartment market along the tollway in Collin County is heating up with the relocation of several major employers to the area including Toyota and FedEx office.
The Emory at Horizon North and Ashmore at Horizon North sales are one of the largest recent transactions in that area.
Steve Brown, The Dallas Morning News