Dawntree units bring $24M in Carrollton; price of Belmont

CARROLLTON – Dawntree, a 400-unit apartment property at 1834 E. Peters Colony Rd., has been sold for $24 million. Steadfast Income REIT Inc. expanded its DFW portfolio with the purchase.

The move is the latest sign that out-of-state investors are targeting North Texas real estate. If the trend continues, it is likely to continue to tighten the buyer’s market for commercial real estate.

The property is 97 percent occupied, with an average rent of $743 per month.

Earlier this month, Steadfast purchased The Belmont, a 260-unit apartment property in Grand Prairie, for $12.1 million. In July, Steadfast acquired two DFW apartment communities, as reported in July 2013. With the investor’s latest purchase, it owns five properties in DFW.