An Arlington property investor has acquired large blocks of rented apartments in East Dallas.
The block of rental communities situated around Gaston Avenue and Live Oak Street has been picked up by 180 Multifamily Properties.
In 1990, the former owner, Power Properties, started purchasing old apartments constructed between the 1950s and the 1960s and revamping them into popular rentals east of downtown Dallas.
After a successful real estate career, however, brothers Braden and Craig Powers decided to sell their properties, including the ones on Gaston Avenue and Live Oak Street. Other buildings they put up for sale include ones on Junius Street and Annex, Grigsby, East Side, Swiss, and Haskell avenues.
The sale of these properties, unfortunately, resulted in a dispute between the two brothers, which led to the forced intervention of the courts to appoint GreyStone Investment Sales Group as the mediator between Power Properties and interested buyers to broker the sale successfully. 180 Multifamily Properties was the chosen buyer.
The 180 Multifamily company has a history of investing in rental communities in Texas and other neighboring states, with possession of over 80 apartment buildings in Dallas-Fort Worth and San Antonio.
The company, which acquired these properties with well over $60 million in mortgages secured from various money lenders, promised not only significant renovations of the buildings but upgrades.
Todd Frank of GreyStone Investment expressed his belief that 180 Multifamily Properties was the right choice, explaining, “I believe we chose the best buyer, it took a local group to understand the historical significance of the assets, the value-add opportunity, even the value of the land alone.”
John C. Barker, founding principal of 180 Multifamily, aired his excitement about the properties acquired. He stated that a heavy renovation budget is in place.
Barker added that the company’s intent is to bring the assets back to what they were once known for. “We will start with the first couple of buildings in two weeks and work our way down Gaston Avenue,” he said.
This is one of the biggest property sales in East Dallas in recent times, where North Texas, with over $12 billion in apartment purchases, ranks tops in the apartment investment market in the first half of 2022.
“This is unprecedented in the current macro-economic conditions,” Yahoo Finance reported.
