After holding onto the property for more than a decade, Minnesota-based Bader Cos. acquired a 228-unit multifamily community in Dallas from GF Properties Group.
Multihousing News reports that New York Life Insurance Co. issued a $39 million acquisition loan on behalf of Bader.
Completed in 2010, The Arts encompasses one- to three-bedroom units averaging 894 square feet. Located at 2611 Ross Ave., the property was 93.9 percent occupied as of April. Common-area amenities include a clubhouse, several lounges, a business center, a gym and a swimming pool, among other features.
Bader targets high-quality, well-located assets that trade at a discount to replacement cost, shielding from future development competition. The firm then applies value-add strategies for a substantial mark-to-market upside.
GF Properties Group is a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund engaged in real estate investment, development and management activities through direct ownership and nationally recognized partnerships.
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