Concord Companies Sells Multifamily Property In Dallas Generating $110MM In Sales Proceeds

Concord Capital Partners (CCP), a subsidiary of Concord Companies, has successfully sold its last multifamily asset in its Texas portfolio. The property, located at 8900 Park Lane in Dallas, is a multifamily building consisting of 196 units with a total square footage of 162,482. The sale of this asset has resulted in a 2x gross equity multiple at a 4.5% cap rate, delivering favorable returns for CCP.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: Not specified
• Units: 196
• Square Footage: 162,482
• Address: 8900 Park Lane, Dallas

Reuben Robin, Joe Goldstein, and Alexander Apfel, representing the Concord Companies, were the sellers of the property. CCP entered the DFW market in 2014 and began selling off assets in 2020, resulting in the disposal of over 1,000 units and generating sales proceeds of $110 million. Despite the successful sale, CCP has plans to re-enter the market as yields become more attractive, indicating its positive outlook on future investment opportunities in the DFW area.