Wellington Realty Facilitates a Portfolio Transaction in Irving, Texas
Wellington Realty Announces Sale of Sunrise Suites and Willow Bend Apartments
Purchaser Acquires 112 units in Irving, TX – DFW
DALLAS, 2021 August – 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 Sunrise Suites and Willow Bend Apartments, located at 1411 and 1407 W Shady Grove Road, Irving, TX.
The apartment complex sold in August 2021, and Wellington Realty’s Managing Partner, David Shaffer Partner, Caleb Jones, and Investment Sales Associate, Will Miller, who are all based in the company’s Dallas office, worked on the transaction. “Our team enjoyed working with both the buyer and the seller on this transaction. Over the past three years, the seller was able to effectively execute their business plan with the two assets and exit on top. The buyer was able to purchase Sunrise and Willow Bend at a very attractive basis, and with the expected rent growth in Irving, is sure to do very well during their ownership,” said David Shaffer
Sunrise Suites is located to the west of Willow Bend Apartments, and both have great visibility from Shady Grove Road. “There is a great deal of excitement surrounding this property. We found a very strong buyer that is going to take a creative approach to the value-add concept. Irving is a market that consistently outperforms the norms, and that narrative should stay true moving forward,” said Caleb Jones.
Built-in 1964 and 1962, Sunrise Suites and Willow Bend are in the heart of Irving, in very close proximity to Highway 183 and Interstate 30. This sub-market has strong demographics as the median household income is over $62k/ year and is supported by many other nearby employers. Las Colinas, located 10 min north of the properties, has been a major hot spot for corporate relocations over the past few years and is sure to continue to grow,” said Will Miller.
ABOUT WELLINGTON REALTY
Wellington Realty offers commercial real estate brokerage and property management services in Dallas, Houston, Austin, and San Antonio. The firm specializes in real estate investment sales, leasing services, property management, and asset management for office, industrial, retail, and multifamily properties. For more information, visit www.wellingtonrealty.com.