NORTH DALLAS - Green Street Partners has bought a large North Dallas apartment portfolio, with plans to spend $2 million renovating the three-property portfolio.
The portfolio includes the Clusters Apartments, a 206-unit property at 3130 Webb Chapel Extension; the Clubview Gardens Apartments, a 192-unit property at 3333 Webb Chapel Extension; and Northwest Crossing Apartments, a 224-unit property at 9680 Timberline Dr.
Each property is one block apart, which adds to the economic value of repositioning and managing the properties. United Apartment Group of Grapevine is overseeing the construction of the exterior of the properties and roofs of all three properties that date back to the late 1970s and mid-1980s.
The portfolio is 95 percent leased at below-market rents. The redo will allow the new owners to push rents for the primarily one-bedroom apartments.
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