9/20/2007

McDowell Properties acquires four Texas multi-family properties

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2050 Keller Springs Rd.

McDowell Properties has acquired four Texas multi-family properties from Chicago-based Equity Residential Properties Trust for an undisclosed price.

Two of the properties are located in Dallas: Madison on the Parkway at 19002 Dallas Parkway and Wimberly Apartment Homes at 4141 Horizon N. Parkway.

The remaining two properties are the Wimbledon Oaks Apartments at 1802 Wimbledon Oaks Lane in Arlington and the Villas of Josey Ranch at 2050 Keller Springs Rd. in Carrollton, Texas.

The properties have a total of 1,194 units between them and all had occupancy rates around 95 percent at the time of sale.

Dirk Goris of CB Richard Ellis' Dallas team marketed the 19002 Dallas Parkway and 4141 Horizon N. Parkway properties while Brian O'Boyle Sr. of Apartment Realty Advisors marketed the 1802 Wimbledon Oaks and 2050 Keller Springs properties.

McDowell plans an $8.9 million renovation project over the next two years.

McDowell Properties is a San Francisco-based real estate acquisition company specializing in multi-family properties. Equity Residential is a multi-family housing operator and developer.

Apartment Realty Advisors is a real estate investment company specializing in the multi-housing industry.

Address:
- 19002 Dallas Parkway, Dallas, Texas

- 4141 Horizon N. Parkway, Dallas, Texas

- 1802 Wimbledon Oaks Lane, Arlington, Texas

- 2050 Keller Springs Rd., Carrollton, Texas

Size: 1,194 units

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Filed Under: Multi-Family

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