Electra Capital Makes Preferred Equity Investment in Dallas Apartment Community
Avid Realty Partners purchased the 213-unit multifamily community
DALLAS (October 29, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $7.8 million participating preferred equity investment in The Pearl at Midtown, a 213-unit multifamily community located in the Northeast Dallas submarket. New York-based Avid Realty Partners acquired the community.
“Strong job growth, including several corporate relocations, has resulted in heightened apartment demand across the Dallas MSA,” said Samuel J. Greenblatt, CEO of Electra Capital. “This property is ideally situated close to several hospitals, universities and just a short walk to White Rock Lake Park.”
Located at 6008 Ridgecrest Road, The Pearl at Midtown is a gated community built in 1972 consisting of studio, one- and two-bedroom apartments ranging in size from 400 square feet to 1,034 square feet. Apartments feature spacious living areas, energy efficient thermostats, two-toned paint concepts, dramatic 9-foot ceilings, washer/dryer hook-ups in some units, fully equipped kitchens and a patio/balcony. Community amenities include a clubhouse with lounge and game room, business center, spa/sauna, fitness center, pool and laundry facilities.
The property is located approximately 10 miles north of downtown Dallas, one mile from The Art Institute of Dallas and Texas Health Presbyterian Hospital, three miles from Southern Methodist University and Medical City Dallas Hospital, and just 30 minutes from Dallas-Fort Worth International Airport.