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Three ‘Getaway Recreational Lifestyle’ Rental Communities Over 38-Acres in Addison, TX to Be Upgraded, Managed by Concierge Asset Management
Buyer and Seller Agreed on Deal in One Hour
ADDISON, TX. Dec, 28, 2010—Three Bent Tree apartment communities totaling 628 rental units spread over 38 wooded acres directly north of downtown Dallas have been acquired in a single portfolio from Hall Financial Group of Dallas by Crossbeam Workforce Housing Fund I of Bethesda, MD. Price was not disclosed.
The contiguous properties—Bent Tree Oaks, Bent Tree Brook and Bent Tree Fountains—consist of 83 two-story buildings designed in 1980 to provide a ‘luxury recreational lifestyle’ for residents who worked nearby and wanted a retreat after hours.
The three apartment communities, located in the 4800 block of Westgrove Drive, will be given a $5.9 million interior upgrades and exterior renovation by Concierge Asset Management, Houston, the venture partner of Crossbeam Capital, which manages the fund. Concierge Management Services will continue as property and leasing managers. Combined occupancy is currently 89%.
CLASS A LOCATION ADJACENT TO DALLAS NORTH TOLLWAY
“Our partners, Concierge, have had its eye on this Bent Tree portfolio for more than a year and for good reason,” says Brad Blash, chief acquisitions officer for Crossbeam Capital. “It has a class A location, minutes from The Galleria, adjacent to the Dallas North Tollway, which is a 15 minute commute to downtown Dallas.
“Some 50,000 people alone work in the Addison corridor for companies supporting Microsoft, GE Capital Corp., Excel Communications and MBNA Information Services and they are our target audience,” says Blash. “Addison itself is one of the most affluent suburbs in the Dallas area with a median income of $80,000 per person.”
Ted Kerr, president of Concierge, said the buyer and seller agreed on the acquisition in an hour. “We had made an offer on the Bent Tree portfolio a year ago and it was rejected. Several months ago, Tom Burns and his partner, Jay Gunn, of the Dallas office of Hendricks and Partners, brokers for the seller, informed our acquisitions advisor, Tom Cabibi of Altitude Real Estate Advisors, that three other potential buyers were bidding for the portfolio and it might be going to contract as quickly as 24 hours.”
BUYER OVERNIGHTED A NON-REFUNDABLE DEPOSIT
Kerr said Cabibi immediately notified Concierge chairman Maxwell Drever who has known the seller, Craig Hall, a prominent Dallas entrepreneur, for a number of years. Explained Kerr: “Maxwell called Craig and said, ‘If I overnight you a personal check as a non-refundable deposit, will you sell us the portfolio?’ Craig agreed. And our financial partners at Crossbeam Capital saw it as a solid addition to their Workforce Housing Fund.”
Currently, the three Bent Tree apartment communities have seven swimming pools with sun decks, picnic area with gas barbeque grills, tennis courts and a free membership to the nearby Addison Athletic Center. As part of the renovation, Concierge Construction Company will build a new 3000 square foot clubhouse with an Internet Café, gourmet kitchen, leasing office and a large covered deck overlooking a pond and brook running through the property. New landscaping, several sports courts and new large gas grills will be added.
Cabibi says Crossbeam/Concierge will be acquiring more workforce apartment communities in Texas and Sunbelt cities in 2011 that need financial repositioning and interior and exterior upgrading.