Unique Dallas 20-Property Apartment Collection Acquired by 180 Multifamily

Locally based investment firm 180 Multifamily Properties has acquired The Powers Properties Portfolio, a collection of 20 assets totaling 544 units that are located in historic neighborhoods in East Dallas. A broad range of architectural themes can be seen throughout, from Old-World Spanish influences, classic 1920s era Art Deco, New York brick buildings, Mid-Century Modern, French Quarter, Festive Contemporary, and Modern European touches.

The properties, which were built between 1914 and 1962 and renovated in the late 1990s/early 2000s, were under the same ownership for 25 years, but the portfolio was put into a court-appointed receivership two years ago. The properties were not economically distressed; it was a partnership dispute. Todd Franks, Ryan Quaid, Buck Poderski and Byron Griffith of GREA brokered the deal on behalf of the court-appointed receiver. The new ownership plans to implement a value-add program.