July 12, 2017
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A California seller operating under the name Royal Lane Fox Hollow Apartments LLC ended a four-year hold on the 117-unit La Bella Palms Apartments in Dallas. The property at 9450 Royal Lane sold to another California investor for an undisclosed amount. The 96%-occupied asset was appraised at $2.5 million.
Caleb Jones, Tammy Shaffer, and David Shaffer of Wellington Realty represented the seller, which acquired the asset in 2013. La Bella Palms is in the Lake Highlands area of Dallas, approximately 15 minutes north of downtown Dallas.
“Lake Highlands is one of the more dynamic sub-markets in DFW,” Jones said. “Located on the corner of Royal and Abrams, La Bella Palms is a true value-add property due to the growth and gentrification of Lake Highlands.”
The late 1970s complex is on just under three acres, and offers one, two and three-bedroom units ranging from 525 to1,029 square feet. Amenities include a pool, a clubhouse and tennis court.
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