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Friday, July 1, 2022

Dallas investor snaps up almost 2,400 D-FW rental units

A Dallas-based real estate investor has made one of its largest apartment buys ever — almost 2,400 rental units in 10 properties across Dallas-Fort Worth.

Apartment investors have been on a buying binge in 2021, acquiring thousands of North Texas rental units as demand for housing and rents have grown.

The D-FW area leads the U.S. in apartment investment this year with almost $16 billion in sales in the first three quarters of 2021 — more than double last year’s purchases.

The just-completed acquisitions by WindMass Capital will add to this year’s apartment investment totals.

“WindMass closed two multifamily portfolios, from two separate sellers, located throughout the D-FW Metroplex totaling 2,389 units on Monday,” CEO Mitchell Voss said. “This is a total of 10 new communities, bringing the total WindMass community count to 29 and total unit count to 7,100 in North Texas.

“This is also WindMass’ fourth portfolio transaction in D-FW over 1,000 units.”

The purchase includes rental communities in Dallas, Fort Worth, DeSoto, Garland and Wylie.

In Dallas, WindMass purchased the Bellevue Terrace on U.S. Highway 67, Mariposa Village on Duncanville Road and Vistas at Pinnacle Park on West Davis Street.

The Fort Worth purchases include The Park at Bellevue and Bellevue Chase on Normandale Street and the Reserve at Bellevue on Ederville Road.

WindMass also acquired the Bellevue Heights apartments in Mesquite, Huntington Ridge in DeSoto, River Oaks in Wylie and Savoy of Garland.

The new owner plans upgrades to all the properties.

“We are going to be renovating the interiors and working to make the communities more resident-friendly for those moving around Dallas and those new to Dallas, too,” Voss said. “We are enthusiastic about becoming an even bigger part of Dallas’ housing solutions.”

Will Hancock and James Roberts at NorthMarq brokered the sales.

Indio Management, a WindMass affiliate, will manage the properties and oversee renovations.

Five of the North Texas rental communities were sold by Austin-based Casoro Group. Those properties contain 1,070 units.

Casoro Group officials said the sales were a move to redirect capital to other properties.

“We would like to thank Civitas Capital Group for partnering with us on the investment in this multifamily portfolio and helping to make it a successful sale,” Casoro Group CEO Yuen Yung said in a statement. “By allocating available funds toward projects serving a generation of highly skilled, resilient workforce, we are confident that our investments will endure beyond periods of both growth and recession.”

WindMass Capital bought 10 apartment communities spread across the D-FW area.(WindMass Capital )

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