Acquisition Date | October 2013

Disposition Date | December 2014

Year Built | 1999

Class | A

Size | 240,153 square feet

Building Height | 10 Stories

Location | 4055 Valley View Lane, Farmers Branch, TX 75244

IRR | 10%

Actual Multiple | 1.8x

The Opportunity

  • Acquire a value add asset with a reduced risk profile
  • Acquire an asset that has been undermanaged and leased
  • An underperforming asset with 21% vacancy and below market rental rates in one of Dallas’ strongest submarkets
  • Acquire an asset at below 50% replacement cost

The Strategy

  • Benefit from the recently completed $2 + billion LBJ Freeway expansion enhancing access to the asset
  • Implement leasing and marketing programs to enhance occupancy and increase cash flow
  • Capitalize from in place rents that are 15% below market upon renewal
  • Capital improvements program to renovate restrooms and common areas to increase quality and appeal enabling ownership to increase rental rates

The Result

  • Rental rates have achieved proforma
  • The submarket continues to demonstrate strong market fundamentals
  • Anticipated disposition 2019