Bellrock Real Estate Partners has recently sold the 207-unit Bellrock Bishop Arts apartment complex to the Paskin Group, who acquired it through a 1031 exchange. The buyer was represented by a Transwestern team led by Bryan McMurrey.
According to data from Yardi Matrix, Paskin Group took over the remaining balance on a $24.8 million CMBS loan that was originally provided by Wells Fargo Bank and originated in 2020 through Newmark.
The Oak Cliff Advocate reported that although the exact value of this transaction remains undisclosed, public records show that this community is currently valued at $38 million for tax purposes. Additionally, according to these records, at the time of sale in early January 2021, this property had an occupancy rate of approximately 95%.
This rental community consists of two buildings offering studio as well as one- and two-bedroom floor plans ranging from approximately 563 square feet up to about 1,214 square feet each. On its sprawling grounds spanning nearly five acres are various shared amenities such as a fitness center with state-of-the-art equipment; an inviting swimming pool surrounded by cabanas; cozy outdoor fireplace; dog park for furry residents’ enjoyment; clubhouse perfect for social gatherings or business meetings alike; fully-equipped business center ideal for remote work needs or studying sessions away from home’s distractions – plus more than enough parking spaces (over260) available on-site exclusively reserved just for tenants’ use.
This post highlights how Paskin Group has successfully acquired yet another prime real estate asset: their latest addition being none other than Dallas’s sought-after residential development boasting no less than207 units!
