Wellington Realty Announces Sale of The Falls Apartments
Purchaser Acquires 208-unit Property in Dallas, Texas
DALLAS, July 13, 2017 – Wellington Realty, a commercial real estate services company with brokerage and management capabilities serving the four major markets in Texas, announced the successful sale of The Falls Apartment complex, located at 9797 Bruton Road in Dallas, TX.
The 208-unit complex was up for sale and closed in June 2017. Caleb Jones, Tammy Shaffer, Ben Onderdonk, and David Shaffer of Wellington Realty procured the buyer and sold the asset. The investment sales team created value for the buyer through its in-depth knowledge of the Texas market and its relationships within the Dallas market.
“For The Falls, we identified an Austin-based investment firm that is very active in purchasing multifamily in Texas,” said Tammy Shaffer, Brokerage Associate, Wellington Realty. “We put them in a property that fit their investment criteria and will create long-term value and wealth.”
The Falls is located in Southeast Dallas and is easily accessible to Interstate 635, LBJ Freeway, Interstate 30, Highway 80, and Highway 175. The community is conveniently located near Town East Mall and Eastfield College. The apartment complex’s amenities include a swimming pool and laundry facilities.
“The Falls is a mid-80’s apartment complex with true value-add opportunities,” said Caleb Jones, Brokerage Associate, Wellington Realty. “In DFW, value-add is becoming harder to find, but a section of the property was built in 2005 and those organic rent comps proved rent growth is achievable for the entire property.”