ShainRealty Capital Acquires MultiFamily Property In Dallas For $40.2M

The property involved in this transaction is located at 2200 North Belt Line Road in Dallas. It is a multifamily asset with a total of 256 units. The sale price for the property was $40,200,000, resulting in a per unit price of $157,031. The total square footage of the property is 231,568, with a price per square foot of $174.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $40,200,000
• Units: 256
• Price Per Unit: $157,031
• Square Footage: 231,568
• Price Per Square Foot: $174

The buyer in this transaction is ShainRealty Capital, represented by Jonathan Shainberg and Elliot Shainberg. The seller is Tim Carey. The broker involved in the deal is Wesley Racht from Marcus & Millichap Dallas Office.

According to the buyer, the property consists of 100% unrenovated/classic units. The units offer 905 square foot bedroom sizes and 9-foot ceiling heights. The purchaser assumed the existing loan in the deal, which was a $25 million HUD Loan originated by Dwight Capital. The loan currently carries a fixed interest rate of 2.83% until its maturity on May 15th, 2053.