By Steve Brown | Real Estate Editor
Dallas Morning News
Los Angeles based JRK Property Holdings acquired the AMLI at Breckinridge Point in Richardson at 4250 East Renner Road.
The 440-unit rental complex is 95 percent leased and was built in 1998.
Real estate brokers at the Balthrope Group of Institutional Property Advisors marketed the property for five weeks before lining up the out-of-state buyer. Terms of the sale were not disclosed.
“The property was aggressively marketed nationwide, including 31 property tours with buyers from all parts of the country that resulted in 26 offers being generated,” said senior director Will Balthrope who brokered the sale along with Drew Kile. “There was tremendous interest in this sale which is evidence of strong demand for high quality assets in Dallas-Fort Worth.
“The D-FW market is one of the most sought after investment markets in the country due to strong job growth, high occupancies and rising rental rates.”
The Breckinridge Point apartments are located close to major employers including AT&T, Bank of America, Blue Cross Blue Shield of Texas and Fujitsu, Balthrope said.
Rents in the project range from $760 to $1,520 per month.
Balthrope said the Richardson area is one of Dallas’ top apartment markets with strong occupancy and rent growth due to minimal construction in the area and a strong economic growth.
“We are seeing great activity on all of our Dallas-Fort Worth listings,” he said. “This is truly a top-tier asset, and many of the best buyers in the country made a hard run at it.”
JRK Property Holdings has been in business since 1991 and is one of the largest apartment owners and managers in the country with more than 47,000 units.
Chicago-based Amli Residential, which sold the Breckinridge Point property, is still a major apartment owner in North Texas.