DALLAS, TX - PNC Realty Investment, Inc. has sold Villas at Katy Trail (“Villas”), a 252-unit mid-rise development, to Gaines Investment Trust. The Villas Uptown submarket, an area of AA and AAA properties, may be described as the most vibrant rental community in the Dallas metropolitan area. The sale was brokered by Paul Harris, Managing Partner, and Directors, Thad Wetterau and Greg Smith of Moran and Company’s Southwest Regional office.

Villas is immediately adjacent to the Katy Trail, a 3.5-mile greenbelt of pedestrian and bike trails. Villas Uptown rental market offers popular retail amenities, a growing employment base, and unparalleled access to the Dallas Central Business District creating a unique urban lifestyle. With its key location, historically strong operations and well maintained improvements, Villas was a prime candidate for a value-add play.

Villas’ Mediterranean architecture of three- and four-story construction wraps four courtyards. Community amenities include a game room with billiards; fully-equipped exercise facility; indoor racquetball court; leasing center; business center; and an attached, gated six-level parking garage. The parking garage includes 624 spaces, which yields a parking ratio of 2.47 spaces per unit.

Serving a diverse rental market, Villas has 49 floor plans. Average unit sizes range from efficiencies with 479 square feet, to one-bedroom units of 667 square feet, two-bedroom units of 1,044 square feet and three-bedroom units of 1,528 square feet. Total average unit size for the development is 942 square feet. At the time of the July 2009 sale, gross average rents per square foot were $1.37/square foot.

Villas apartment homes include 9-foot ceilings, built-in bookshelves, and full-size washer/dryer connections. Wrap-around kitchens feature granite-look countertops; wood laminate flooring; white cabinets; white appliances; stainless steel sinks; pantries; and additional storage in selected units. Baths include laminate countertops; white cabinets; oval soaking tubs with tile surrounds; tile showers; walk-in closets; and linen closets.

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