Holly Park is a venture between Silverado Interests, and TMA Apartments, Inc. Holly Park is a 160–unit apartment community located in Dallas, TX. It was originally built in 1974 by Gary Milligan principal of TMA Apartments, Inc, so he was very familiar with the property. The property is comprised of one and two bedroom units with an average of 770 square feet; 60 percent of the floor plans have two bedrooms. While the property is operated on an all bills paid basis, there are submeters on-site, as well as individual HVAC units. The exterior is brick veneer and the roofs are flat. Approximately 40 percent of the roofs have been replaced with a torch-down modified bitnum system with the remainder being tar and gravel.
Holly Park had been performing exceptionally well and had trended positively on the revenue side over the 12 months prior to the acquisition. This investment was negotiated to an attractive purchase price, which would provide for a good solid current income to investors. It was acquired along with the assumption of the CMBS debt in place, but provides for an attractive refinancing scenario at the time of the debt maturity.