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284 Units | Built 2007 | Renovated 2021
avg unit size: 867 | occupancy: 95%
2929 Wycliff Ave, Dallas, TX 75219
Executive Summary
Berkadia is pleased to offer for sale the fee simple interest in the 279-room Embassy Suites Dallas | Park Central Area, located in Northern Dallas along the North Central Expressway. Situated at the interchange between Highway 75 and I-635, the Hotel is easily accessible to the desirable suburbs of Addison and Richardson, and ideally situated proximate to a major corporate presence, including corporations such as Raytheon, Texas Instruments, Ericsson, and the growing Telecom Corridor. This offering presents investors with a rare opportunity to acquire a fee simple institutional quality asset located in a highly desirable market, with an opportunity to take advantage of highly accretive, below-market acquisition offered by the existing lender against purchase price and renovation.
INVESTMENT HIGHLIGHTS
1306 N Plymouth Rd,Dallas, TX 7520816619659.69 acres19, 2-story buildings,fitness center,2 boiler/mechanical buildings
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PROPERTY Overview
The Embassy Suites by Hilton Dallas Park Central Area is conveniently located at the interchange of I-635 and US-75, providing easy access to key attractions in the city. The hotel is just a short distance of approximately 3 miles from the Texas Instruments Headquarters, a sprawling 110-acre campus with approximately 3,000 employees. Medical City Dallas Hospital, a leading healthcare institution with 367 beds and over 100 physicians, is within an approximately 3-mile drive. The Dallas College Richland Campus, which spans over 155 acres and serves more than 20,000 students, is only about 4 miles away. Additionally, the vibrant NorthPark Center, a popular shopping destination with over 2,400,000 square feet ofretail space, is also just about 6 miles away from the hotel.
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CLASS A MULTIFAMILY INVESTMENT OPPORTUNITY | INTOWN DALLAS LOCATION
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Premium Rental Market
The Oak Lawn/Uptown neighborhood is the premier apartment rental market in D/FW consistently garnering top tier rents. The apartment rental market is currently 93% occupied. New supply deliveries are abating and not directly competitive with 2929 Wycliff as land and construction costs drive the necessity for new construction to be high-rise in the Oak Lawn/Uptown rental submarket.
Thad WetterauSenior Director972.754.5420thad.wetterau@berkadia.com
Greg SmithSenior Managing Director817.313.7081greg.smith@berkadia.com
Paul HarrisSenior Managing Director214.232.8689paul.harris@berkadia.com
Caleb JonesSenior Director501.952.1785caleb.jones@berkadia.com
Eric CalubSenior Director972.567.3560eric.calub@berkadia.com
Jay GunnManaging Director214.679.7100jay.gunn@berkadia.com
Tom BurnsManaging Director469.369.9400tom.burns@berkadia.com
OFFICE
DALLAS
5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/
2929 Wycliff is a high-quality development that consists of two podium-style buildings over structured parking with 10’ ceilings in the units, offered at a substantial discount to replacement cost. The property is Institutionally managed and maintained and presents the opportunity for further upgrades.
Substantial Discount to Replacement Cost
Wycliff is a major thoroughfare with access ramps to the Dallas North Tollway providing great access to destinations such as Downtown, Uptown, the Cultural District, the Design District, and Victory Park. Three DART rail stations are less than one mile from the property.
Prominent Visibility and Excellent Accessibility
Ideal Infill Location
Positioned amid Dallas’ largest employment centers and most affluent neighborhoods, 2929 Wycliff’s Oak Lawn/Uptown location will ensure strong renter demand given its continued popularity as the premier residential pocket in North Texas.
LOCATION HIGHLIGHTS
Key Employment Centers
Urban Lifestyle Attractions
2929 Wycliff’s live-work-play environment has easy access to American Airlines Center, Victory Park, Katy Trail, and hundreds of restaurants and retailers, as well as numerous theaters and entertainment venues that populate Intown Dallas.
DFW MSA Employment 4,459,200 jobs
Downtown Dallas 140,000 jobs
Uptown Dallas 30,000 jobs
Dallas Medical District 29,000 jobs
Love Field/Southwest Airlines HQ 12,600 jobs
Proximate Expanding Apartment Demand Generators:
Wycliff is a major thoroughfare with access ramps to the Dallas North Tollway providing great access to destinations such as Downtown, Uptown, the Cultural District, the Design District, and Victory Park. Three DART rail stations are less than one mile from the property.
Offered “as is, where is” and “free and clear” of existing debt.
Dallas Medical District Expansions
2929 Wycliff is a 5-10 minute commute to the Dallas Medical District, the highest concentration of Medical employment in DFW. Two new hospitals are currently underway in the district totaling an additional $3 Billion in development. Children’s Health and UT Southwestern are building a new campus via a JV including a 532-Bed expansion at Childrens and 295- bed expansion at UTSW. Hospitals create a large number of high hourly wage paying jobs that are recession resistant and an excellent source of apartment demand.
Uptown/Turtle Creek Office Market (Uptown)
2929 Wycliff is adjacent to the Uptown/Turtle Creek office market, which is home to Dallas’ most high profile employers. The neighborhood is seeing substantial office development including a new 14-story 800,000 Squarefoot campus for Goldman Sachs, a new 30-story 500,000 SF tower for Bank of America, and the latest addition 255,000 SF addition to Old Parkland which commands the highest office rents in the metroplex.
Love Field Airport
Love Field experience a doubling of enplanements and deplanements in the decade that followed the lifting of the Wright amendment, sparking extensive development. Southwest Airlines built a new corporate headquarters and training facilities, which are 12 minutes northwest of 2929 Wycliff.
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AFFLUENT SURROUNDING DEMOGRAPHICS
2929 Wycliff’s live-work-play environment has easy access to American Airlines Center, Victory Park, Katy Trail, and hundreds of restaurants andThe property is positioned by Highland Park and Turtle Creek, the most affluent residential pockets in North Texas. The area around 2929 Wycliff registers high income and education achievement demographics. Within the target market area of the property, the median household income is 7.7% above that of DFW metro.retailers, as well as numerous theaters and entertainment venues that populate Intown Dallas.
CONNECTED LOCATION
2929 Wycliff has a prominent location near the Wycliff Dallas North Tollway (DNT) intersection. The visibility from the DNT and the proximity to entrance ramps give the community superior accessibility compared to most infill Dallas apartment communities. Within minutes tenants can be in Downtown Dallas, one of the largest employment centers in DFW.
MORTGAGE BANKING
John Koeijmans
Senior Managing Director
214.455.6483
john.koeijmans@berkadia.com
Jason Rice
Managing Director
214.360.3811
jason.rice@berkadia.com
Nathan Stone
Managing Director
214.394.3444
nathan.stone@berkadia.com
Eli Gershenson
Managing Director
214.360.3814
eli.gershenson@berkadia.com
Chris Pollard
Managing Director
214.360.3839
chris.pollard@berkadia.com
Brad Mason
Director
214.360.3813
brad.mason@berkadia.com