Arc Capital Partners has sold Sylvan Thirty Apartments, a 201-unit multifamily property located in the West Dallas submarket, to San Francisco–based Polaris Real Estate Partners. A sales price was not disclosed.
The sale to a national buyer shows the strong demand for well-priced apartments in urban mixed-use neighborhoods and validates the work Arc has done to improve the property and create value.
Sylvan Thirty was built in 2015 and is the first mixed-use retail and multifamily development in the West Dallas submarket. The initial development was a public-private partnership that was partially funded with tax increment financing (TIF) incentives, which provided for 20 percent of the units to be set aside for affordable workforce housing. Consistent with its urban strategy, Arc acquired the multifamily portion of the development in 2017 in partnership with Belay Investment Group.
Since the acquisition, Arc has made multiple investments to continuously upgrade
