Westdale has acquired a portfolio of 10 apartment buildings and 23 land parcels from Simpson Housing. The 2,067-unit portfolio, constructed in the 1980s, had an asking price of $85 million. Don Ostroff of Cushman & Wakefield, who represented the seller, declined to specify the sales price but said the portfolio was traded at a cap rate of about 6%.

The apartments are along Interstate 30, which runs northeast out of Dallas to Lake Ray Hubbard, in the towns of Garland and Mesquite, and stretch about 12 to 16 miles from the center of the city. Westdale made the acquisition with an undisclosed institutional equity partner. The partners may develop additional properties on the land parcels.

The properties are at the upper end of the Class B range and were originally developed as condominiums. Occupancy was in the low 90% range at the time of sale but has ticked up slightly during the closing process. Rents are increasing slightly as well. Simpson is a long-term hold player and Ostroff said the company will likely keep most of the properties for seven to 10 years.

The apartments are Lakeview Village at 4501 Bobtown Rd., Lakeway Forest at 1227 Forest Creek Dr., Lakeway Colony at 1044 East Highway 30, Lakeway Meadows at 241 East Highway 30, Lakeshore at 1282 Brockett, Lakeway Harbor and Lakeway Point at 4358 Point Blvd., Lakeway Place and Lakeway Trace at 4001 Easton Meadows, and Highlands at Galloway at 4819 N. Galloway Avenue.