Real Estate
Dallas’ Thread Apartments bought by Brazos Residential
Previously owned by the Presidium Group, the 606 apartment complex, The Thread Apartments, was recently bought by Brazos Residential
Dallas - Brazos Residential, a multifamily housing firm, recently acquired The Thread Apartments, a massive 606-unit residential complex in Dallas. The deal was facilitated by Northmarq's Taylor Snoddy, with Kevin Leamy overseeing acquisition financing.
Previously owned by the Presidium Group, which bought the property in 2014 according to Yardi Matrix data, the asset was the subject of a $37.5 million CMBS loan in 2020, secured by financial juggernaut, Walker & Dunlop. Wells Fargo Bank assumed the role of trustee in this financial setup.
With this substantial purchase, Brazos' portfolio is further broadened, now encompassing six unique properties in the vibrant Dallas-Fort Worth region and 16 nationwide. The company's most recent investment before this was a 280-unit multifamily property in Raleigh, North Carolina.
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Occupying a sprawling 23.7-acre site, The Thread Apartments, a North Dallas residential mainstay, was meticulously developed in phases between 1969 and 1978. The expansive property features 72 diverse buildings offering a range of studio, one-, two-, and three-bedroom units varying from a snug 465 to a roomy 1,256 square feet.
The complex offers a wealth of amenities such as two swimming pools, a children's playground, a tennis court, a pickleball court, and five strategically positioned laundry facilities.
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James Roberts, managing partner and co-founder of Brazos, stated his pleasure over the recent acquisition. He highlighted the property's exit from a Land Use Restrictive Agreement as a significant landmark that allows the company to promptly increase its inherent value by shifting to market-rate prices.
The Thread Apartments, situated at 13606 Esperanza Road, boasts a strategic location near the intersection of U.S. Route 75 and Interstate 635, ensuring easy access throughout the expansive Dallas-Fort Worth metropolitan area.
Located in the Richardson submarket of North Dallas, the complex is surrounded by numerous retail centers and a wide array of dining options. The University of Texas at Dallas and the Medical City Dallas Hospital are both conveniently located within approximately 3 miles of this residential complex.
Content credit: Brazos Residential, Presidium Group, DallasMetroNews
