October 4, 2019
Trez Capital sold the 314-unit Winding Creek at the Preserve, a new multifamily property in Grand Prairie, TX, to a 1031 exchange buyer from California. Thompson Realty completed development of the complex at 2250 Sara Jane Pkwy. this year; at the time of sale it was 100% leased. Michael Ware with Berkadia brokered the transaction.
“Demand for new construction garden-style apartments in suburban locations remains strong, as these assets don’t compete directly with the surplus of supply found in other high-profile markets across Dallas-Fort Worth,” Ware said. “The renter pools are deeper than initially estimated, and there is an abundance of capital eager to acquire assets on a medium- to long-term hold.”
The property consists of one-, two- and three-bedroom units, ranging from 651 to 1,257 square feet. On-site amenities include a clubhouse and lounge, storage space, corporate suites, fitness center pool, game room, pet play area and package service.
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