Sam Zell’s company adds to Texas holdings with West Dallas apartment purchase

Chicago-based Equity Residential Group is upping its North Texas apartments holdings — this time with the purchase of a West Dallas rental community.

An Equity Residential company just purchased the 331-unit Westerly apartment and retail property on Commerce Street west of downtown Dallas.

The rental community was built earlier this year by Toll Brothers. It’s one of several Dallas-area apartment projects by the Pennsylvania-based builder.

Toll Brothers just completed another high-rise apartment building in Dallas’ Oak Lawn district.

The Westerly purchase is Equity Residential’s third recent acquisition in North Texas.

One of the country’s largest apartment owners, Equity Residential — founded by legendary businessman Sam Zell — bought the 231-unit Novel Deep Ellum apartments located east of downtown Dallas.

Equity Residential also recently bought the Kilby rental community in Frisco Square near the Dallas North Tollway. Toll Brothers and Japanese builder Daiwa House Group built the 258-unit Kilby apartments.

Equity Residential has formed an almost $2 billion venture with Toll Brothers to develop more rental units in major markets across the country, including Dallas-Fort Worth.

Dallas-Fort Worth is the country’s top apartment investment market with more than $16 billion in transactions in the first three quarters of 2021.