An Austin-based investment group has acquired The District, a 312-unit apartment complex on Perkins Road, from its original developers.
Terms of the sale were not disclosed.
According to court records, CFH DistrictBR Partners, LP, acquired the complex from Vintala Perkins Road Owner, a Louisiana LLC with offices in Dallas.
Though documents with the Louisiana Secretary of State do not indicate who owns Vintala Perkins Road Owner, the complex was developed in 2013 and 2014 by Vintala Partners, formed in 2012 by local developer Steve Keller and Dallas real estate developer Clay Likover. Reached by phone this morning, Keller declined to comment on the sale.
The District opened in early 2015 and has done well, according to Wesley Moore, an appraiser with Cook Moore and Associates. The complex was 95% occupied as of May, and was fetching average lease rates for its one- and two-bedroom units of $1.55 per square foot. Keller’s Creekstone Companies was the property manager.
“It’s a very strong location, very strong property,” Moore says.
Vintala acquired the property for the project in late 2012 from Chicago Bridge for $4.68 million. The developers initially estimated the value of the project at $33 million but later said that figure was no longer accurate and declined to provide an updated value.
CHF Investments has acquired more than $800 million in real estate assets including 8,300 multifamily units, according to its website.
—Stephanie Riegel
