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Operator of Military-Focused Apartment Portfolio Becomes Owner with $215 Million Purchase

Dallas' Westdale Real Estate Adds 1,248 Apartments from Washington to Virginia to Portfolio in Deal with Building & Land Technology
October 2, 2018
The Ultris Island Park in Shreveport, Louisiana, is one of five communities acquired by Westdale Real Estate in a $215 million deal.

A five-property apartment portfolio with steady demand from nearby military bases has traded hands for $215 million, roughly five months after hitting the market.

Westdale Real Estate and Asset Management, of Dallas, finalized a deal with Stamford, Connecticut's Building & Land Technology (BLT) to acquire the 1,248-unit package, which includes properties located in Washington, Louisiana, North Carolina and Virginia. All five communities are near military bases and count on steady demand from personnel at the posts.

Westdale, which owns its own properties and manages real estate for others, was the operator of the five BLT assets before agreeing to take over as owner of the portfolio. The company paid approximately $172,000 per unit for the package.

BLT put the so-called Ultris portfolio on the market back in late April after acquiring the five communities in separate deals in 2013 and 2014, according to CoStar information. All of the properties are fairly new vintage, developed between 2004 and 2012.

The two Olympia, Washington, properties are located near Joint Base Lewis-McChord, a facility with both Army and Air Force personnel. The properties, the 190-unit Ultris Madison at 105 Newberry Ln. SE, and the 162-unit Ultris Abbey Rowe at 9320 Windsor Ln. NE, are located less than a quarter mile from one another across Martin Way on the east side of Olympia. They were built in 2007 and 2004, respectively.

The largest of the properties is Ultris Courthouse Square, at 26 Davenport Dr. in the Washington, D.C., suburb of Stafford, Virginia. That 390-unit property was developed in 2006, and is a few miles from the US Marine base at Quantico.

Ultris Patriot Park, at 3405 Revolution Rd. in Fayetteville, North Carolina, is a 192-unit complex develop in 2012. It’s close to the US Army base at Fort Bragg.

Ultris Island Park, at 105 Island Park Blvd. in Shreveport, Louisiana, totals 314 units and was developed in 2006. Many of its tenants are drawn from service members and employees at the nearby Barksdale Air Force Base.

The properties sport many amenities, including fitness centers and swimming pools. The way to boost returns for a new owner would appear to be upgrading unit interiors, with new appliances, flooring and fixtures.

For the record:

Doug Schuster, Curt Allsop, Angela Bates and Vittal Ram of ARA Newmark’s Las Vegas brokerage team, in collaboration with Marty Leith of Newmark's Seattle office, Brad Shaffer of Newmark's Houston office, John Munroe of Newmark's Chapel Hill, North Carolina, office and Drew White of Newmark's McLean, Virginia, office, brokered the sale for BLT.

For more information on the transaction, please see CoStar Comp #4529757.

John Doherty, Multifamily Reporter  CoStar Group   
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