A huge North Texas apartment community has sold with a big price tag. Denver-based UDR Inc. paid $110 million for the Canal at the Brickyard rental community east of Interstate 35E near Valley View Lane.
The 636-unit luxury residential community was built in 2017 and 2019 by developer Billingsley Co. The property is near both the Cypress Waters and Las Colinas employment centers.
The almost 20-acre development was more than 90% leased when it went up for sale last year. Rents in the Canal at the Brickyard average more than $1,600 a month.
The apartment project includes a community center, fitness facilities, multiple swimming pools, dog parks and walking and jogging trails.
Commercial property firm Jones Lang LaSalle marketed the Brickyard for sale.
The apartments are in the Mercer Business Park, a 225-acre mixed-use development that also has office and industrial space.
The Brickyard sale is the latest in a series of recent major apartment transactions in the Dallas-Fort Worth area, and new owner UDR is one of the country’s largest apartment builders and operators.
At the end of 2020, UDR owned all or part of 52,589 apartment homes nationwide with 1,176 units under development.
In the Dallas area, the company has properties in Uptown, Addison and Plano.
UDR announced a more than $300 million stock offering last week.
