The Cologne-based German American Realty Group, a fund and investment manager specializing in U.S. rental housing complexes and light industrial real estate, has sold the "Woodbridge Villas" apartment complex in north Dallas after a seven-year holding period. The purchase price for the 222-apartment property with around 18,000 square meters of lettable space amounts to 40.2 million US dollars. German American Realty had acquired the rental housing complex in 2018 for $32.0 million. Through active management and the successful implementation of the revaluation and modernization program, German American Realty was able to achieve an increase in value of around 25 percent together with the US partner involved. In addition, there are ongoing distributions that were paid out to investors during the holding period.
The "Woodbridge Villas" are located in an attractive residential area in the suburb of Sachse with very easy access to downtown Dallas and the employment centers to the north, Plano and Frisco. The comprehensive upgrading programme of the complex, which was built in 2002, included the targeted renovation of residential units, the modernisation of communal facilities such as leasing offices, fitness studios, dog parks and the equipping of the residential units with washing machines and dryers.
"With the sale of "Woodbridge Villas", we have realized a good investment over the entire term together with our investors in a currently very competitive market environment. We are pleased that our value-enhancing measures on the plant have been rewarded accordingly by both the people living there and the buyer of the plant. We wish the new owner every success in accompanying this beautiful facility in its next chapter."
"The result from the sale underlines the effectiveness of our value-add strategy. Through the disciplined implementation of the modernization program, we have succeeded in sustainably increasing the comfort of our tenants and at the same time the operating result. The success is the result of a strong team effort with our US partner, who did an excellent job on the ground. In addition, we would like to express our sincere thanks to our investors, who have expressed their full confidence in us throughout the holding period."
