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Tuesday, 05 December 2017

Connor Group Pays $66Mln for Dallas Apartments

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The Connor Group has paid $66 million, or about $177,419/unit, for the Highland Park West Lemmon apartment property in Dallas.

The Miamisburg, Ohio, firm purchased the 372-unit property, at 3600 Wheeler St., from Greystar Real Estate Partners, a Charleston, S.C., investment manager.

The sale is the first for Greystar Equity Partners VIII, a fund that raised $800 million of equity commitments before closing in June 2016. Greystar bought the property in 2013.

Highland Park West Lemmon previously was branded the Avana West Lemmon. It has units with between one and three bedrooms each. Monthly rents range from $1,299 for a one-bedroom, one-bathroom unit with 503 square feet to $3,199 for a three-bedroom, three-bathroom unit with 1,749 sf.

The property includes a clubhouse, business center, fitness center, two swimming pools, gas grills and a pair of courtyards with outdoor fireplaces. The property also has 18,000 sf of ground-floor retail space.

Connor Group owns 36 apartment properties, including two others in the Dallas area: the Allura, at 6445 Love Drive in Irving, Texas, and the Marabella at Las Colinas, at 4809 North O'Connor Road, also in Irving. It also owns apartment properties in Atlanta, Austin, Texas, Charlotte, N.C., Chicago, Cincinnati, Columbus, Ohio, Dayton, Ohio, Denver, Minneapolis, Nashville, Tenn., and Raleigh-Durham, N.C.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Dallas
  • States: Texas
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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