Out-of-state investors are showing more interest in Dallas-Fort Worth Metroplex apartment homes.
A new complex, part of the thirty-six-acre development owned by Dallas Cowboys owner Jerry Jones and Lincoln Property, was recently purchased by Korman Communities, a Pennsylvania-based company.
Korman Communities is a hundred-year-old company that possesses and manages several apartment complexes in the United States.
The Irving property, renamed from The Star Park Las Colinas to AVE Las Colinas, was completed last year. The 288-unit edifice sits at the corner of Carpenter Freeway and State Highway 161.
Lincoln Property built a 36,000-square foot retail strip along with the rental community. Dallas Stars hockey team owner Tom Gaglard’s Northland Properties will construct two hotels and a restaurant on this newly purchased land.
An office development currently remains vacant on the acres. It is advertised to possible buyers.
Over in Dallas, Washington-based Weidner Apartment Homes purchased Crosby at the Brickyard. The apartment complex is located on Wittington Place near Valley View Lane.
County records stated that Weidner was financed $31 million in funding from Wisconsin-based Thrivent Financial.
The community has more than 230 units that rent for more than $1,300 a month.
At the beginning of the year, another Brickyard rental complex in Farmers Branch was bought by UDR Inc., a Denver-based investor. The 636-unit property, called the Canal at the Brickyard, was sold for $110 million.
Weidner Apartment Homes’ first purchase in DFW was the West Village rental units near Blackburn Street and McKinney Avenue. The company acquired more than 175 apartments in the sale.
The real estate firm is more than forty years old and originated from the Seattle area.
According to The Dallas Morning News, the DFW area is among the most popular areas to invest in apartments. Nearly $116 billion in apartment properties in North Texas were sold in the first three quarters of 2021.
