The Chateau Crete Apartments

93 Units, Dallas, TX

Acquisition Date: March 16, 2006
Status: Sold on November 3, 2006

Situated in a gentrifying neighborhood approximately four miles southwest of downtown Dallas, The Chateau Crete Apartments was targeted as a strong re-development opportunity. Clarus viewed the land that the apartments sat on to be worth as much or more than the contracted acquisition price of the property, and we viewed it as a prime location for the future development of town homes.

Although we originally intended to stabilize the property through rehabilitation before positioning the property for redevelopment, our goals for attracting a developer were realized much sooner than expected and the property entered into a sales contract just three months after acquisition.

Strong demographics, particularly strong job and population growth, make Dallas/Fort Worth (DFW) an appealing market for multifamily investment. DFW has also benefited from strong market fundamentals, and the metroplex continues to draw both domestic and international investors.