37th Parallel Properties Acquires 222-Unit Woodbridge Villas in Sachse Texas
37th Parallel Properties acquired Woodbridge Villas, a 222-unit apartment community in Sachse, Texas. The multifamily real estate investment firm completed the off-market transaction for the property built in 2002.
The acquisition expands the company’s portfolio in the Dallas-Fort Worth metro area. According to the announcement, Sachse has a median household income of approximately $117,000 and a crime rate roughly half the Texas average.
“Woodbridge Villas is the type of asset and submarket we have consistently pursued throughout our history,” said Dan Chamberlain, Managing Partner. “Sachse is an affluent, supply-constrained pocket of northeast Dallas with a median household income of approximately $117,000, top-rated schools, and a crime rate roughly half the Texas average. Those characteristics drive long-term, family-oriented demand.”
The company reported that the submarket has limited new development activity, with only 1 project under construction and no projects proposed within a 7-mile radius of the property. The release cited limited entitled land, adjacency to established single-family neighborhoods, and political resistance to density as factors raising barriers to new supply.
Woodbridge Villas sits on 10.5 acres and includes 11 residential buildings. The community offers 1-bedroom, 2-bedroom, and 3-bedroom units averaging 875 square feet. Amenities include 9-foot ceilings, private patios and balconies, attached and direct-access garages, a resort-style swimming pool, fitness center, clubhouse, business center, outdoor grilling and lounge areas, and a pet park.
Darci Poole, Transaction Manager, said, “Woodbridge Villas brings together the elements we prioritize most: an institutional-quality, low-density asset in a desirable suburban submarket with strong demographics and a constrained supply backdrop.”
The company secured Freddie Mac financing arranged by Cutt Ableson and Patrick Hickey at Berkadia. The loan features a fixed rate with a full-term interest-only period. RPM Living, described as a top-5 U.S. property management company, will manage the property.
The acquisition represents the final investment from 37th Parallel’s Fund II. The fund now holds investments in Charlotte, Austin, Atlanta, and Dallas.