Oak Brook, Ill. – Inland Real Estate Acquisitions, Inc. announced today that it facilitated the acquisition of 7900 at Park Central Apartments, a 308-unit multifamily property centrally located in the Medical City area of Dallas. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction on behalf of an Inland affiliate.
Located at 7900 Churchill Way, near the intersection of Interstate 75 and Interstate 635, the property is situated on more than six acres and was constructed in 1998. 7900 at Park Central consists of 14 four-story buildings featuring 99 one-bedroom, 151 two-bedroom and 58 three-bedroom units with an average size of 1,046 square feet, a clubhouse and two parking garages, providing a total of 600 garage parking spaces. Each unit includes granite countertops, stainless steel appliances, nine-foot ceilings, oversized walk-in closets and full size washers and dryers. The property offers residents a variety of community amenities, including a resort-style swimming pool, a lap pool, grilling area, fire pit with lounge seating, two landscaped courtyards, two state-of-the-art fitness centers, a lounge with a fully equipped kitchen and coffee bar, a game room with billiards, a dog park, a pet wash center and a business center.
“The property’s ideal, central location in Medical City, where more than 1,200 physicians are employed at the full-service adult and pediatric hospitals, emergency rooms, outpatient clinics and diagnostic centers, fills a housing need in a major employment area and made it a very attractive acquisition,” said Tice. “Additionally, the city recently announced plans to develop Dallas’ only Costco location across the street from 7900 at Park Central Apartments, providing convenient retail access for residents.”
As of the acquisition date, the property was approximately 95 percent leased.
To date, Inland Real Estate Acquisitions, Inc. has facilitated $44 billion of purchases including retail centers, single-tenant properties and a total of $4 billion in apartments.
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About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.
