San Francisco-based Polaris Real Estate Partners acquired the 201-unit multifamily building, showing increased interest in the West Dallas mixed-use neighborhood
Arc Capital Partners (Arc) announced today that it has sold Sylvan Thirty Apartments, a 201-unit multifamily property located in the West Dallas submarket, to San Francisco-based Polaris Real Estate Partners. The sale to a national buyer shows the strong demand for well-priced apartments in urban mixed-use neighborhoods and validates the work Arc has done to improve the property and create value.
Sylvan Thirty was built in 2015 and is the first mixed-use retail and multifamily development in the West Dallas submarket. The initial development was a public-private partnership that was partially funded with tax increment financing (TIF) incentives, which provided for 20 percent of the units to be set aside for affordable workforce housing. Consistent with its urban strategy, Arc acquired the multifamily portion of the development in 2017 in partnership with Belay Investment Group.
Since the acquisition, Arc has made multiple investments to continuously upgrade the property and maintain the strong tenant base. The property is LEED-certified and eco-friendly, offering tenants a full suite of walkable amenities. Sylvan Thirty is especially popular among younger professionals seeking unique urban living experiences, thanks to the immediate access to walkable retailers, as well as its close proximity to trendy neighborhoods including Bishop Arts District and Trinity Groves. Sylvan Thirty is also just a short drive or rideshare from Downtown Dallas and several major transit routes.
“We take great pride in being a catalyst for inspiring greater interest and demand for West Dallas, a reversal of historical disinvestment in this community,” said Neville Rhone Jr., Co-Founder and Managing Partner of Arc. “The sale of Sylvan Thirty validates our strategy of supporting multicultural, urban mixed- use neighborhoods while delivering an enhanced experience that is both eco-sensitive and workforce affordable.”
“Sylvan Thirty is a one-of-a-kind mixed-use environment that provides attainably affordable apartments and truly walkable amenities for a multicultural cross-section of young professionals,” said Quincy Allen, Co-Founder and Managing Partner of Arc. “Our investments in common area and unit upgrades were rewarded by incredible tenant retention and improved demand despite initial pandemic setbacks.”
“Belay is pleased with the outcome from the sale of Sylvan Thirty” said Eliza Bailey, Managing Principal at Belay Investment Group. “We are proud of the hard work and dedication by Arc to improve and position this property, resulting in a notable sale that justifies the increased interest in this neighborhood.”
Drew Kile of Institutional Property Advisors (IPA) and his team represented Arc. In a separate transaction, a real estate fund advised by Crow Holdings Capital acquired the retail portion of Sylvan Thirty.
About Arc Capital Partners
Arc Capital Partners (Arc) is a minority-owned, real estate owner-investor dedicated to redefining urban mixed-use environments. In partnership with large institutional investors, Arc is currently pursuing over $1 billion of urban real estate located primarily in California and Texas. Through the lens of diversity and inclusion, Arc targets middle-market investments ($40 million to $100 million) that typically exhibit value- add and opportunistic business plans. For more information, please see arccapitalpartners.com