Dallas-Fort Worth continues to lead the country in regards to job growth, with thousands flocking to North Texas every month to take advantage of the robust job market and low cost of living.
Axiometrics, an apartment research and marketing company, compiled a list of the highest value apartment transactions within the last 6 months.
The Arts Apartment in downtown Dallas was bought for $32 million. Apartments in Plano, Carrollton, the Bell Knox District and the Chatham Court in Dallas were all purchased for under $40 million each.
Arbrook Park in Arlington was bought for $50 million, but the apartment on the top of the list was in Little Elm.
Orion McCord Park Apartments was purchased for $71 million. Even though Little Elm is 40 minutes away from Dallas and more than an hour's drive from Fort Worth, the small town is alluring to investors because of the growth potential.
In the past five years Little Elm has grown 48.6%.
According to Ryan Reid, the Executive Vice President specializing in multifamily investment properties at CBRE, location remains to be a huge determining factor in regards to property value.
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“If the development is near a job base, like Legacy or City Line, you’ll definitely see higher value. The school district is also important, especially in the suburbs. You also have to look at how high quality the building is. The amenities offered at the development are also very important," Reid said.
"Overall, growth potential of a community will drive up the value of the developments within the area."
10 Amenities that add value to real estate:
- Schools
- Expressway or highway access
- Supermarkets, shopping malls convenience stores
- Police station
- Stadiums, sports facilities and clubs
- Religious venues
- Public transportation
- Parking spaces.
- Restaurants and food centers
- Landmarks
