Oakdale Capital and Byers Residential Close 356-Unit Dallas Multifamily Acquisition
Melville Apartments was acquired via lender-involved short sale at a basis roughly 13% below the outstanding debt balance, in partnership with Dallas-based Byers Residential.
CHICAGO, IL — July 30, 2026 — Oakdale Capital, a Chicago-based real estate investment firm focused on value-add multifamily opportunities across the Midwest, Southeast, and Texas, announced the closing of Melville Apartments, a 356-unit garden-style multifamily community in the Lake Highlands / White Rock submarket of Dallas, Texas.
Acquired through a lender-involved short sale at a basis roughly 13% below the outstanding debt balance, the transaction was completed in partnership with Dallas-based Byers Residential. Lender approval supported a faster, more certain path to closing than a broadly marketed process would have allowed, and the going-in basis sits below the cost of building comparable units today.
“Melville is exactly the profile we underwrite for. It is a well-located community from an older vintage where the problem was basis rather than physical distress or operational decline. We faced very little competition from other buyers and negotiated a deal that positions the asset for sustained success. On top of that, Dallas gives us the population growth and employment depth to support that plan for the long term.”
Will Thompson
Founder & CEO, Oakdale Capital
Northmarq’s Dallas office brokered the transaction, with Taylor Snoddy and Eric Stockley representing the parties and Kevin Leamy arranging acquisition financing. J Street Property Services, majority owned by the principals of Byers Residential, will lead property management. The seller was S2 Residential.
Built in 1979, the community was approximately 87% occupied at closing. Oakdale will execute a focused value-add strategy of selective interior renovations, washer/dryer installations, exterior and site work, and operational improvements, while maintaining affordability for working households.
“This acquisition represents the culmination of years of work to expand Byers Residential into the acquisition of existing multifamily communities. Making our first investment near White Rock Lake, where I grew up, made it especially meaningful, and gave me immediate confidence in both the location and the long-term opportunity. We could not have completed this transaction without Oakdale Capital. Their partnership, experience, and shared conviction in the investment were instrumental in bringing Melville to closing.”
Shea Byers
Founder & Managing Principal, Byers Residential
Median household income within one mile is roughly $117K, and only one new multifamily project is slated for delivery within five miles over the next five years, according to CoStar. Post-renovation rents are underwritten to remain more than 20% below newer construction.
The acquisition reflects Oakdale’s broader strategy of targeting vintage Class B multifamily communities in supply-constrained markets across the Midwest, Southeast, and Texas that offer strong fundamentals, below-replacement-cost pricing, and durable yield.
About Oakdale Capital
Oakdale Capital is a multifamily real estate investment firm led by principals with over 30 years of experience. The firm acquires, operates, and improves value-add and core-plus apartment communities across the Midwest, Southeast, and Texas, combining institutional discipline, data driven market selection, and hands-on execution in pursuit of attractive, risk-adjusted returns. To connect with the Oakdale team or learn more about the firm’s multifamily strategy, contact investors@oakdale-capital.com or visit www.oakdale-capital.com.
About Byers Residential
Byers Residential is a Dallas-based multifamily investment and development firm focused on acquiring existing communities and developing new housing throughout Texas and select high-growth Sunbelt markets. The firm targets well-located assets where disciplined underwriting, local market knowledge, and hands-on execution can create durable value. Through J Street Property Services, a property management company majority owned by Byers Residential’s principals, the firm provides vertically integrated operations from acquisition through asset management.
© 2026 Oakdale Capital. Any forward-looking statements are subject to risks and uncertainties and may not reflect actual results. This release describes a completed acquisition and is not an offer to sell or a solicitation of an offer to buy any security.
