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Rockport, Corridor Acquire 4 Dallas Rental Properties
Rockport Equity and Corridor Ventures have acquired a four-asset portfolio totaling 742 units in Dallas. The partnership secured a $93 million acquisition loan issued by Regions Bank.
Commercial Edge reports The Ergas Group sold the portfolio after a 10-year hold period. It had acquired the properties in 2015 across two separate transactions involving Waterton and Hat Creek Partners as sellers.
Floorplans across the portfolio include studio and one- to three-bedroom layouts averaging 867 square feet spread throughout a total of 11 low-rise buildings. The communities debuted between 2003 and 2005. The properties are:
- Vue at Live Oak, a 238-unit community at 1333 N. Peak St.
- Vue Fitzhugh, a 226-unit property at 2819 Fitzhugh Ave. (photo)
- Easton, a 150-unit property at 2525 N. Henderson Ave.
- Vue Greenville, a 128-unit community at 1811 Greenville Ave.
All four communities are inside the Old East neighborhood, about 3 miles from Downtown Dallas. Nearly one-third of the area’s stock has a vintage of 21 years or older.
