Ridge At Trinity Now Closed
COLLIERS INTERNATIONAL FACILITATES SALE OF RIDGE AT TRINITY IN DALLAS
(DALLAS—November 19, 2020) Colliers International’s Multifamily Services Team of Mark Allen CCIM and Courtland Charles announced it has facilitated the sale of Ridge at Trinity Apartments, a two-story 230-unit, class C, Affordable Low Income Tax Credit (“LIHTC”)multifamily community located at 7203 South Great Trinity Forest Way in Dallas, TX. Theasset was sold by Hope Housing to an unnamed buyer for an undisclosed amount.
“Today is a bittersweet day for us,” said Hope Housing CEO Alvin Johnson. “Hope Housing Foundation purchased this property five years ago and preserved two HAP Contracts issued by HUD, making national news by having the best preservation deal in 2017. We are thankful for Mark Allen and the Allen Team and Colliers International for representing us as the Broker of Record and Community National Title for coordinating the closing.”
Ridge at Trinity was built in 1970 and was renovated between 2015 and 2019 with more than $4.9 million in capital improvements. The property has 19 buildings across 17.46 acres. Common area amenities include but are not limited to a 24/7 on-site laundry facility and maintenance, an on-site leasing office, and open lawn areas with two playgrounds.
“This value-add opportunity is attractive to investors because of its HAP contracts and potential for new the tax credits,” said Mark Allen CCIM, a senior vice president with Colliers International. “We’re still experiencing strong demand in the multifamily sector despite the impact of COVID and other economic uncertainty.”
An ideal unit mix of 90 percent two and three bedrooms makes Ridge at Trinity perfectly suitable for families.The floorplans range in size from 676 square feet to 1,117 square feet. Unit amenities include garbage disposals, private balconies and patios in select units, frost-free refrigerators, ceiling fans, tile floors in select units, and high-speed internet access.
Located about nine miles from downtown Dallas, Ridge at Trinity has easy access to I-20, DART lines, Dallas North Tollway, Loop 12, and US 75.
Colliers’ Courtland Charles also worked on the transaction.
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.