Purchaser Acquires Apartment Complex Near DFW Airport
DALLAS, 2021 February – 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 Pioneer Valley, located at 3791 Evergreen St, Irving, TX.
The apartment complex sold in February 2021, and Wellington Realty’s Managing Partner, David Shaffer Partner, Caleb Jones, and Investment Sale Associates, Will Miller and Troy Sanders, who are all based in the company’s Dallas office, worked on the transaction. “One week prior to closing, Dallas/Fort Worth experienced the Snowpacolypse and rolling blackouts throughout the metroplex. It was one of the worst weather storms in over 100 years, but despite these unforeseen circumstances, we closed on time and with great terms for our client,” said Caleb Jones.
The new owner purchased an attractive, well-located, value-add multifamily complex at 94% occupancy. “Besides the weather, COVID-19 created uncertainty with a few different lending institutions. Throughout the escrow process, we leaned on our experience, but ultimately believe effective communication led to a smooth transaction,” said Will Miller.
Built in 1983, Pioneer Valley is located on the corner of West Pioneer and North Belt Line Road in Irving. This dense intersection of Irving is supported by retailers, employment centers, and in very close proximity to DFW Airport. “Short term or long term, this was a fantastic investment for the purchaser. Due to its high concentration of renters, Irving continues to be one of the hottest multifamily submarkets in the metroplex,” said Troy Sanders.