Wellington Realty Procures Out of State Buyer for an Asset in the Oak Lawn Submarket.
DALLAS, 2021 October – 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 Crestview Apartments, located at 3215 Crestview Drive, Dallas, TX
The apartment complex sold in October 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. “This transaction took a full team effort to get across the finish line. The buyer assumed the existing loan, so our team worked closely with the servicer to close within a reasonable time frame. Loan assumptions typically take longer than normal transactions, but we were able to close within 65 days which is impressive”, said David Shaffer.
Crestview Apartments is located near the intersection of Inwood & Lemmon Avenue in Dallas, less than a mile from Highland Park. “The location is phenomenal. There are multiple townhome developments next to Crestview selling above $500k and the buyer already has a strong presence in the Oak Lawn sub-market, so this checked all the boxes in their investment criteria,” said Caleb Jones.
Crestview has an abundance of value-add opportunities still available including unit upgrades, building a dog park, converting the leasing office to a unit and much more. The median HH income ($66k+) coupled with the employment opportunities nearby will generate consistently strong demand for this property. Not to mention, this sub-market of Dallas had the highest year over year rent growth (16%) in the metroplex,” 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.