CONAM Multifamily Partners Fund III, a fund sponsored by CONAM, has purchased two communities in the Dallas area: the 270-unit Arise Craig Ranch in McKinney, Texas, and the 300-unit ALMA on Maple in Dallas.
Yardi Matrix shows that CONAM used a $13.9 million Freddie Mac loan and a $27.5 million Wells Fargo Bank loan, both originated by Walker & Dunlop, to finance the acquisition of Arise Craig Ranch. The property was previously owned by Cortland.
Completed in 2018, the Class A community comprises three four-story buildings with one-, two- and three-bedroom floorplans. Apartments range from 661 to 1,469 square feet. Common-area amenities include a fitness center, business center, clubhouse, movie theater, dog park and a pet grooming salon.
Located at 7201 S. Custer Road, the 13.7-acre property is in the vicinity of a host of retail and dining options. The Shops at Legacy and Stonebriar Center are within a 7-mile radius. Downtown Dallas is some 30 miles south and Legacy Business Park is roughly 8 miles away.
Closer to the heart of Dallas
ALMA on Maple, the other Class A property purchased by CONAM, is located at 6008 Maple Ave. The 6-acre property is close to domestic airport Dallas Love Field and roughly 4 miles north of Trammel Crow Park. Baylor University Medical Center is within a 6-mile radius, while UT Southwestern Medical Center is within walking distance.
For the acquisition of the 2012-built asset, CONAM took out a $28.5 million Fannie Mae loan, originated by Prudential Financial. AMLI Residential was the previous owner of ALMA on Maple.
The four-story building comprises one- and two-bedroom floorplans, with apartments ranging from 596 to 1,356 square feet. Common-area amenities include a fitness center, business center, clubhouse and swimming pool.
West Coast expansion continues, as well
The bulk of CONAM’s portfolio is in California, where the company also intends to expand. Currently, the developer is working on The Minn, a 91-unit Class A community in San Diego, scheduled to open in 2025. Built in partnership with cREate Development, the asset will comprise townhomes, flats and mezzanine apartments.
Earlier this year, CONAM sold its fully affordable portfolio in California, which comprised three properties totaling 219 apartments. The assets traded for approximately $42.2 million.
