Wellington Realty Announces Sale of The Ascent at Midtown Apartments
DALLAS, 2023 January – 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 Ascent at Midtown Apartments, located at 6431 Ridgecrest Road, Dallas, TX.
The apartment complex sold in December 2022, and Wellington Realty’s Managing Partner, David Shaffer, Partner, Caleb Jones, and Investment Sales Associates, Will Miller, Chase Thompson and Charles Larkam who are all based in the company’s Dallas office, worked on the transaction. “This transaction took a full team effort to get across the finish line. The rise in interest rates resulted in a need for a change in financing. The team was able to assist and pivot, finding a solution to the problem in order to get the deal closed in a timely manner”, said David Shaffer.
The Ascent at Midtown Apartments is located on Ridgecrest Drive, splitting the middle between the Vickery Meadows and Northeast Dallas submarkets on the southside of Lake Highlands. “The location of this asset is phenomenal. The area boasts stability while seeking growth. Restaurants, theaters, and Top Golf continue to attract residents. The buyer is an out of state investment group who already has a strong presence in Dallas Fort Worth and should continue to do very well with this latest acquisition,” said Caleb Jones.
Built in 1980, The Ascent at Midtown Apartments has plenty of value-add opportunities to capture including renovating the units, improving the amenities and on-site management services. “This asset should perform very well over the next few years as the area continues to see growth. The median household income is high topping $70k within a three-mile radius. This paired with the numerous current employers nearby will continue to create consistent demand at the property,” said Will Miller.