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Bader Cos. buys 228-unit Dallas multifamily property
The acquisition was financed with a $39 million loan issued by New York Life Insurance Co., and the asset was 93.9% occupied as of April.
Bader Cos., a Minnesota-based real estate firm, has acquired a 228-unit multifamily community in Dallas from GF Properties Group, according to ConnectCRE. The deal follows Bader’s more than a decade holding of the asset, with the property known as The Arts.
The property, completed in 2010 and located at 2611 Ross Ave., offers one- to three-bedroom units averaging 894 square feet, and was 93.9% occupied as of April. Common-area amenities include a clubhouse, multiple lounges, a business center, a gym, and a swimming pool.
ConnectCRE reports that New York Life Insurance Co. issued a $39 million acquisition loan on behalf of Bader. The firm said it targets high-quality, well-located assets that trade at a discount to replacement cost, with a plan to pursue value-add strategies for potential mark-to-market upside.
GF Properties Group is a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund, which is involved in real estate investment, development, and management through direct ownership and nationally recognized partnerships, ConnectCRE added.