Minnesota-based Bader Cos. has acquired The Arts, a 228-unit apartment community in Dallas, from GF Properties Group. Completed in 2010, the property was 93.9% occupied as of April. New York Life Insurance Co. provided a $39 million acquisition loan for the transaction, according to Multihousing News.
Key takeaways
- Bader acquired The Arts at 2611 Ross Ave. from GF Properties Group.
- The community includes 228 apartments and was 93.9% occupied as of April.
- New York Life Insurance Co. issued a $39 million acquisition loan on Bader’s behalf.
The acquisition adds a stabilized Dallas multifamily property to Bader’s portfolio. The reported details include the community’s unit mix, amenities and occupancy, but do not specify the purchase price.
Property details
The Arts was completed in 2010 and offers one-, two- and three-bedroom apartments. Units average 894 square feet. Its shared amenities include a clubhouse, several lounges, a business center, a gym and a swimming pool.
Located at 2611 Ross Ave., the community was 93.9% occupied as of April. The reported occupancy provides a snapshot of leasing at the property, though the source did not identify the year associated with that figure.
Buyer and seller
Bader is a Minnesota-based real estate company that targets well-located, high-quality properties acquired below replacement cost, according to its stated investment approach. It seeks to reduce exposure to competition from new development and pursue value-add strategies that can raise rents toward market levels.
GF Properties Group is a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund. The organization invests in, develops and manages real estate through direct ownership and partnerships. The transaction marks a change in ownership of The Arts, which GF had held for more than a decade, according to the report.
Financing
New York Life Insurance Co. provided a $39 million loan to finance Bader’s acquisition. The financing amount was reported separately from the undisclosed purchase price, so it does not establish the total value of the transaction.
