06 Mar 2020
Matthews™ Senior Associate Danny McQuaid Brokers the Sale of Beacon Hill Apartments
Dallas, TX – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, recently arranged the sale of Beacon Hill Apartments now known as The Edison. The multifamily asset is located at 9959 Adleta Blvd, Dallas, TX. Matthews™ Senior Associate, Dan McQuaid, was the lead agent in the transaction.
The Edison, formerly known as the Beacon Hill Apartments, is situated in a quiet neighborhood with easy access to I-635 and the Central Expressway. The location offers convenience with churches, parks, shopping, and schools within walking distance. The three-story multifamily building consists of one to two-bedroom apartments. Built in 1984 and remodeled in 2003, the property boasts 396 units. The residents of The Edison enjoy amenities such as three pools, a racquetball court, a club room, two laundry rooms, as well as secured access gates.
The seller, Pacific Team Management, was motivated by the price, which was achieved because of the potential upside of the asset. Dan McQuaid sourced the buyer, WindMass Capital, who wished to add to their existing Dallas-Fort-Worth portfolio. The buyer plans to implement a value-add program to improve rents as well as the surrounding area. This is the largest multifamily deal that WindMass Capital has acquired to date. The buyer is also purchasing 1,260 units directly across the street and has plans to operate the two properties as one collective community, similar to The Village in Dallas.
“I was able to navigate through several complexities in the deal to ensure we made it to the finish line,” said Dan McQuaid. “Ultimately, this was a win-win situation for the buyer and seller. The seller achieved a great result and can now reposition their capital. The buyer acquired an excellent investment opportunity in which they will be able to increase the value of the multifamily asset through upgrades.” WindMass Capital has already begun working on interior upgrades to the units. The property was roughly 80% occupied at the time of sale.
Senior Associate, Dan McQuaid, takes pride in his commitment to serving his client’s best interests. For more information regarding the sale of Beacon Hill Apartments, now renamed The Edison, or if you have any other questions relating to multifamily investments in the Dallas, TX area, please do not hesitate to contact Dan McQuaid. To view all current listings, visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com