Brazos Residential has purchased The Thread Apartments, a 606-unit multifamily community in Dallas. Northmarq’s Taylor Snoddy brokered the transaction, while Kevin Leamy arranged acquisition financing.
The previous owner was Presidum Group, according to Yardi Matrix data, which had acquired the community back in 2014. In 2020, the property became subject to a $37.5 million CMBS loan originated by Walker & Dunlop, with Wells Fargo Bank serving as trustee.
This acquisition brings Brazos’ portfolio to six properties in the Dallas-Fort Worth area and 16 across the U.S. The firm previous purchase involved a 280-unit multifamily community in Raleigh, N.C.
A North Dallas community
Built in phases between 1969 and 1978, The Thread comprises 72 buildings spread across a 23.7-acre site. The community has studio, one-, two- and three-bedroom floorplans ranging between 465 and 1,256 square feet. Amenities include two swimming pools, a playground, a tennis court, a pickleball court and five laundry facilities.
James Roberts, managing partner & co-founder of Brazos, said in prepared remarks that the property has recently emerged from a Land Use Restrictive Agreement, which allows the firm to create immediate value by switching to fully market rates.
Located at 13606 Esperanza Road, the community is near to the intersection of U.S. Route 75 and Interstate 635, which provide easy access across the Dallas-Fort Worth metropolitan area. Situated in the Richardson submarket of North Dallas, the community is near several retail centers and dining options. The University of Texas at Dallas and Medical City Dallas Hospital are roughly 3 miles away.
