The property that has been purchased is a transit-oriented rental community called Brick Row Apartments. Located close to the Spring Valley rail station operated by DART, the community covers 30 acres of space and was constructed for $140 million in 2008. Single-family units and old apartments that were previously on the site were brought down to make room for Brick Row’s 500 apartments and townhomes. At the time, Brick Row was one of the largest redevelopments in the area. Poster printing can be used to indicate the change of ownership.
The redevelopment was funded in part by L&B Realty Advisors from Dallas. When speaking about the purchase, Denver firm Simpson Housing stated that:
“Brick Row Apartments’ amenity package is as extensive as the list of apartment features, including not one but two fitness centers and two resort-style pools.”
Rent prices in the community start at about $1,200 per month. Simpson Housing was founded in the 1940s and owns several apartment complexes across the country. This latest purchase means that the company now owns nine apartment communities in North Texas such as SkyHouse Dallas and the Stella Apartments.
The sale of Brick Row is one of many recent apartment complex sales in the region. The Dallas-Fort Worth area is currently one of the country’s best markets for apartment investments with close to $30 billion worth of sales transacted over the last 12 months.