Frisco investor buys up 160 unit multifamily in Irving
Buyer plans to finish where sellers left off in renovating the community
Jordan Multifamily has purchased a 160-unit multifamily community, Zander Park, located at 700 S. Story Road in Irving, a red-hot suburb north of Dallas.
Zander Park, built in 1971, was about 96 percent occupied at the time of sale, according to a press release, and the previous owners — BW Zander Park, LLC — had completed about $2.2 million worth of interior and exterior capital improvements to the property. This included full interior renovations for 108 units, and Jordan plans to finish renovations on the remaining 52 units soon. The financial terms of the transaction were not disclosed.
“The buyer was drawn to the opportunity to finish out the improvements to the property, which currently has the second largest unit sizes in the submarket,” said Chris Deuillet, an agent with CBRE Investment Properties in Dallas. “There is a tremendous growth potential, as the property’s rent rates are below market average and Irving has had a nearly 20 percent rental growth rate over the past year.”
The city of Irving is seeing significant new multifamily development as the white-hot Dallas-Fort Worth housing market has pushwed ever more would-be homebuyers to become renters.
The city council has even approved a proposal by Irving-based Fluor Enterprises to rezone some of its office holdings in Las Colinas into residential space.
The Zander Park property is close to Las Colinas, an area that has seen a high amount of office and commercial investment of late — including Wells Fargo’s massive new North Texas outpost, being built by KDC Real Estate Development.