WASHINGTON, DC - Multi-Employer Property Trust (MEPT) and Bentall Kennedy, real estate advisor to MEPT, announce the purchase of Mondrian Cityplace, a 218-unit apartment community in Dallas, Texas, from USAA Real Estate Company. HFF represented USAA Real Estate Company.
MEPT, a $5.6 billion open-end commingled real estate equity fund, acquired the 20-story, 98% leased, multi-family asset in the Uptown neighborhood of Dallas to increase the Fund's allocation to the apartment sector and increase the Fund's investment in the Southern region of the U.S.
"Mondrian Cityplace is a strategic acquisition for MEPT since it provides the Fund with an investment in a high-quality, stabilized asset in the Uptown submarket of Dallas, which is one of the strongest rental markets in the U.S.," stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy.
Mondrian Cityplace is Class A property with a unique, contemporary architectural design. The community amenities and features are well-matched to serve the renter demographic in Uptown. Common area amenities include 24-hour concierge and door service, controlled access, a pool, a garden with an outdoor fireplace and BBQ area, business center, cyber cafe, and an expansive 24-hour workout facility that overlooks West Village with over 150,000 square feet of retail, including more than 16 restaurants and bars, a movie theater and shops.
Mondrian Cityplace has a large average unit size, two-level loft-style mid-rise units, and penthouse units with exceptional views. The property offers residents 40 different floor plans with high-end finishes that average 1,432 square feet - significantly larger than the average unit size in the submarket. Additionally, there is over 19,000 square feet of ground floor retail space and 456 parking spaces for tenants and retail customers. On behalf of MEPT, Bentall Kennedy plans to identify ways to create energy-efficiency gains and add sustainable features to the seven-year old property. In Dallas, Uptown has become one of the most desirable residential locations for young and affluent renters because of its proximity to the city's largest employment centers and because of the "live/work/play" environment. Over the past decade, the Uptown population has doubled in size and continues to grow. The Uptown area is an urban mixed-use setting that allows residents to walk to entertainment and dining options. Mondrian Cityplace has public transit options within two blocks, including the Cityplace DART/Red and Blue line stations and the McKinney Avenue Trolley Line, which stops directly across the street from the property.
"On behalf of MEPT, we have focused on acquiring institutional-quality assets in major markets across the U.S. With the acquisition of Mondrian Cityplace, we have completed over $400 million in acquisitions in 2012 for MEPT," stated Paul Boneham, Executive Vice President, Head of U.S. Transactions, Bentall Kennedy. "We continue to seek attractive existing and development investment opportunities for the Fund, including urban apartments, grocery-anchored retail centers, and core industrial portfolios."