100-Unit Brandywine ports sale near Parkland100-Unit Brandywine ports sale near Parklandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=1522015-08-13T11:47:00Z2015-08-13T00:00:00Z

DALLAS - Brandywine Apartments, a 100-unit, value-add multifamily community has been bought by 4710 Lake LLC.

The 95 percent occupied property is located at 4710 Lake Ave., east of Parkland Hospital and the Dallas Medical District.

Brandywine Apartments offer efficiency and one-bedroom units ranging from 480 sf to 512 sf. Rent ranges from $415 to $480.

With current growth at Parkland Hospital and in Uptown Dallas driving demand for upper-end and workforce-level housing in the area, the complex is one of the last remaining properties in the area that has not received significant upgrades.

The local buyer plans to spend approximately $400,000 on capital improvements to make the asset more competitive with other multifamily properties in the area, said Chris Deuillet, First Vice President at CBRE.

Planned improvements could support increased rental rates and property value; the average rental rate at Brandywine is approximately 23 percent less than the average rental rate of the other five all-bills-paid properties in the immediate area.

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