Friday, February 24, 2017

Luxury lofts in Dallas' Medical District sell to Chicago-based investment group

A luxury loft-style apartment community in Dallas' Medical District, which sits two blocks from a DART rail station, has sold to a Chicago-based investment firm.
Terms of the deal were undisclosed.

Sherman Residential, a division of a Chicago-based, family-owned firm Benj. E. Sherman & Sons Inc., acquired the Maple District Lofts, a recently-completed, 342-unit apartment community at 5415 Maple Ave. in Dallas.

"This is an exceptional asset built to the highest standards, located in one of the Dallas metro's most sought-after submarkets," said Jeff Price, a JLL managing director, in a statement.

"Developers and investors alike are keenly aware of the tenants' rising standards of living in the city's urban core, and Maple District Lofts check every box on the 'live, work, play' checklist," he added.

Price and Jorg Mast of JLL sold the deal on behalf of Lang Partners LLC.
Mast, a senior vice president at JLL, said he expects tenant and investor demand for high-quality properties like this to persist throughout the year as the region continues to add jobs.

The four-story apartment community includes luxury finishes, such as stained concrete floors, oversized soaking tubs, stainless steel kitchen appliances and quartz and granite slab countertops.

Some of the homes in the community have private rooftop decks.

Other community amenities include a resort-style swimming pool, sport lounge with outdoor kitchen, fire pits, a bocce ball court and a life-sized chessboard.

New apartment communities are springing up in North Texas as developers up the ante, with expectations of more than 30,000 new apartments coming to the region this year.

The region is on track to deliver 30,400 apartments this year, which is a 46 percent increase in deliveries from 20,800 apartment units completed by developers through the end of 2016.

"We are about to see the number of starts slowing down nationally, but we aren't seeing that yet in Dallas-Fort Worth," MPF Research Chief Economist Greg Willett told the Dallas Business Journal earlier this year ."We will still b
e delivering a lot of product in 2018.

Candace Carlisle/Dallas Business Journal.