Wind Dance Apartments
In 2012, Advalurem and its partners completed the acquisition of Wind Dance Apartments, a 298-unit garden-style apartment community located within the Dallas MSA of Carrollton, TX. The Property was built in 2003 and features Hill Country architecture and a luxury amenity package. The transaction was originally sourced off-market through Advalurem’s direct relationship with the owner, which resulted in the partnership being able to acquire the Property well below market.
The Property is located in the northern Dallas submarket of Carrollton, which is known for its “quality of life” due to excellent schools, close proximity to employment centers and convenience to leisure and entertainment. Major employers include Halliburton, McKesson, Hilton Reservations, and Baylor Medical Center at Carrollton, among others.
The business plan called for gaining market share in occupancy and implementing a light value-added program geared toward increasing curb appeal and upgrading select units. In 2015, a disposition of the property was completed that resulted in a levered return in excess of 20%.