Acquisitions

Zang Triangle – Dallas, Texas

November 16, 2014
Multi-Family

390 E Oakenwald Street, Dallas
Purchased: 2014
Spire US LP Equity Interest: 70%

Nicola Crosby is pleased to announce the purchase of Zang Triangle, a 260-unit Class A core apartment complex in Dallas, Texas acquired in partnership with Venterra Realty. Zang Triangle benefits from a central location in the Oak Cliff area of Dallas and is approximately one mile southwest of the downtown Dallas core and approximately five minutes from the Bishop Arts District. The property was completed in 2012 and is one of the only newly built apartment complexes in the immediate vicinity. The property will benefit from a streetcar line that will be completed in five months and will connect residents to downtown Dallas as well as the Methodist Medical Center. Zang Triangle was purchased at a price well below both the cost of construction and the current replacement cost for an asset of this quality.

Special Thanks To:
Venterra Realty (Joint Venture Partner)

For more information, please contact any of the following:

About Nicola Wealth Real Estate

Nicola Wealth Real Estate is the in-house real estate division of Nicola Wealth.  Our team acquires and manages properties for Nicola Wealth’s real estate portfolios.  We are an experienced team with a disciplined approach, dedicated to building high quality real estate portfolios that are diversified both geographically and by asset type.

About SPIRE Real Estate Portfolios

SPIRE Real Estate LP is an investment portfolio comprised of retail, industrial, office, multi-family, seniors and self-storage properties totaling 3.7 million square feet located in major Canadian markets. SPIRE US LP is an investment portfolio comprised of office, retail and industrial properties located in Seattle, San Francisco, Denver, Phoenix, Houston and Chicago. The portfolio also includes interests in over 14,000 multi-family apartment units located in the South and Southeast US. SPIRE Value Add LP is a new addition to the SPIRE and SPIRE US investment portfolios and focuses on generating returns through re-sale of investments in multiple projects using “value-add strategies.”

About Venterra

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets of almost 17,000 apartment units. The company has offices in Houston and Toronto and employs over 500 people.