Legacy-GID JV Sells 285-Unit Venue to Amli
November 3, 2011
Legacy Partners Residential Development and Boston-based General Investment & Development Cos. have sold the 285-unit Venue to Amli Residential.
Will Balthrope, senior director of Institutional Property Advisors, and Lindsay Allen, a director, represented the sellers.
The 283,577-square-foot residential-and-retail project is one of Galatyn Park's cornerstones and one of the first transit-oriented developments to come out of the ground in the metro when the property type surfaced on developer's' radar screens. Located at 2301 Performance Dr., the Venue was developed in 2008, just 100 yards from Dallas Area Rapid Transit's light-rail stop and across the street from the Eisemann Center for Performing Arts.
The four- and five-story mid-rise buildings feature about 6,000 square feet of retail space and apartments averaging 995 square feet. Internet research shows the one-, two- and three-bedroom units, ranging from 634 square feet to 1,860 square feet, command rents from $898 to $2,399 per month.
"The Venue is an extremely high-profile property," Balthrope said. "We had three public real estate investment trusts bidding for it fiercely."
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