Thursday, June 01, 2017

Californians buy Sylvan Thirty


Californians buy Sylvan Thirty

FW Avenue complex bought by LA-based Arc Capital Partners

2714 File Photo/Staff Photo
The apartments in the S;lvan Thirt; development are over 97 percent leased, with average rents of $1,466 a month.

The rental community in the popular sylvan Thirty project on Fort Worth Avenue has been sold to California investors.

A high-profile West Dallas real estate development has a new owner.

The rental community in the popular Sylvan Thirty project on Fort Worth Avenue has been sold to California investors.

The project at Sylvan Avenue and Interstate 30 was the first mixed-use development to get going in the now-booming district just west of downtown. Sylvan Thirty, now 3 years old, includes a retail and restaurant complex plus 201 apartments.

Los Angeles-based Arc Capital Partners purchased the apartment portion of Sylvan Thirty from the local development group that built the project, Dallas County deed records show.

The apartment complex is more than 90 percent leased, with average rents of $1,466 a month. Terms of the acquisition were not disclosed.

Arc Capital invests in apartments, retail and mixed-use projects in western U.S. cities. Former top officers of Canyon Capital Realty founded the company in 2013.

Arc Capital previously owned a high-end apartment community in partnership with basketball star Magic Johnson in Dallas’ Oak Lawn neighborhood. The rental complex was sold two years ago.

Last year, Arc Capital formed a partnership with Belay Investment Group to acquire up to $150 million in apartments and retail in Texas and California. Belay represents California State Teachers’ Retirement System in some of its real estate investments.

Commercial real estate firm JLL marketed the Lofts at Sylvan Thirty apartments for sale.
The retail portion of the project was not included in the sale to Arc Capital.

Developers who built the Sylvan Thirty project recently filed planning requests with the city to build additional retail space across Sylvan Avenue in front of the Chase office building they own.


Steve Brown/Dallas Morning News