Preferred Apartment Communities Completes Sale of Dallas Multifamily Community for $44.0 Million
DALLAS, TX - Preferred Apartment Communities announced the sale of Enclave at Vista Ridge, a Class A multifamily community located in Dallas, Texas.PAC sold the property for gross aggregate disposition proceeds of approximately $44.0 million. The property achieved an average annualized return of approximately 15.6%.
"The attractive return on the sale of Enclave, a property constructed in 2003 and purchased by PAC just over two and a half years ago , demonstrates our ability to effectively recognize significant value in our acquisition program and provides us the opportunity to redeploy the sale proceeds into well-located, newly constructed and high- quality multifamily communities in our core markets," said John A. Williams, the Chairman and Chief Executive Officer for PAC.
Enclave at Vista Ridge Apartment Homes is located in Lewisville, Texas a suburb of Dallas. Features include gourmet kitchens , 9- foot ceilings with crown molding, walk-in closets and g...