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local multifamily syndicator has acquired a 94-unit apartment complex in Oak Cliff, Dallas. The property at 1235 and 1239 Hartsdale Drive was purchased by Hart House Community LLC, led by Cody Gustafson and Robert Slattery. The seller, Hollyvale Rental Holdings LLC, is a California-based company that owned the complex since 2021.

    The Fort Worth office of Marcus and Millichap brokered the sale, with Al Silva and Ford Braly involved. The property, built in 1963-64 on almost 4 acres, was rebranded to Hart House after the sale. It's 94% occupied, according to Silva, who added that the buyer secured a Fannie Mae loan about two months after signing the purchase agreement.

    The price of the sale wasn't disclosed, but the buyer borrowed $6.6 million, approximately $70,000 per unit. The complex has listed rents at $1.75 per square foot, while the average rent in Dallas for an 860-square-foot apartment is around $1,593 or $1.85 per square foot.

    Following a recent surge of multifamily development in the Metroplex that led to decreased rents and increased vacancy, industry experts predict up to 3% rent growth by year's end. The complex has had seven owners in the last 25 years and was previously known as the French Colony, a TDHCA tax credit project with a history of at least one homicide.