Woodbridge Villas, Sachse, TX<\/p>\n
“Woodbridge Villas is the type of asset and submarket we have consistently pursued throughout our history,” said Dan Chamberlain, Managing Partner. “Sachse is an affluent,\u00a0supply-constrained pocket of northeast Dallas with a median household income of approximately $117,000, top-rated schools, and a crime rate roughly half the Texas average. Those characteristics drive long-term, family-oriented demand. Submarket homeownership costs drive a durable rent-versus-own affordability buffer, which also supports occupancy and pricing power.”<\/p>\n
The submarket benefits from a near-zero forward supply pipeline, with only one project under construction and none currently proposed within a seven-mile radius of the property. Limited entitled land, adjacency to established single-family neighborhoods, and political resistance to density collectively raise the barriers to new development, supporting steady occupancy and sustained rent growth.<\/p>\n
Situated on 10.5 acres, Woodbridge Villas features a mix of one-, two-, and three-bedroom units averaging 875 square feet across 11 residential buildings. Apartment and community amenities include nine-foot ceilings, private patios and balconies, attached and direct-access garages, a resort-style swimming pool, fitness center, clubhouse, business center, outdoor grilling and lounge areas, and a pet park.<\/p>\n
Darci Poole, Transaction Manager, said, “Woodbridge Villas brings together the elements we prioritize most: an institutional-quality, low-density asset in a desirable suburban submarket with strong demographics and a constrained supply backdrop. Sourcing the transaction on an\u00a0off-market basis allowed us to purchase below appraisal, comps, and replacement costs, all with conservative underwriting assumptions. “The acquisition is supported by low-leverage, Freddie Mac financing arranged by Cutt Ableson and Patrick Hickey at Berkadia. Structured at a fixed rate with a full-term interest-only period, the capitalization is designed to enhance current cash flow, limit refinance risk, and provide downside protection across a range of interest-rate and macroeconomic scenarios. The property will be managed on site by RPM Living, a top-five U.S. property management company.<\/p>\n
Woodbridge Villas represents the final investment from 37th Parallel’s second fund, 37P \u2013 Fund II, an income and equity growth vehicle that employs a similar strategy as Fund I, targeting value-add and core-plus multifamily real estate in growth markets across the Southeast and Texas. With this acquisition, Fund II now holds diversified investments in Charlotte, Austin, Atlanta, and Dallas.<\/p>\n
“In an environment where capital discipline and market selection matter more than ever, Woodbridge Villas reflects our continued focus on acquiring institutional-grade, well-located assets in growth submarkets with durable demand and limited supply,” said Chad Doty, Managing Partner. “We look forward to delivering an attractive tax-advantaged investment to our investor family on this project.”<\/p>\n
ABOUT 37th PARALLEL PROPERTIES<\/p>\n
37th Parallel Properties is a multifamily investment firm focused on owning and operating institutional-quality multifamily communities in the South and Southeast. Based in Richmond, VA, and founded in 2008, 37th Parallel has completed transactions totaling more than $1.2 billion in value, all while maintaining a 100% profitable track record for its family of high-net-worth, family office, and institutional investors.<\/p>\n
To learn more about 37th Parallel, visit www.37parallel.com.<\/a><\/p>\n
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