Trion Properties has purchased the largest apartment complex in Lancaster, a suburb south of Dallas, in its first Texas deal.
The Los Angeles-based firm bought the 471-unit Riverbend Apartments, at 1000 River Bend Drive, from New Jersey-based Ambo Properties.
Rowan Multifamily Advisors, known as RMA, brokered the transaction. The price wasn’t disclosed. The complex was appraised for tax purposes this year at $13.5 million, according to the Dallas Central Appraisal District.
Trion is a value-add buyer, and the firm has plans to renovate the interiors of Riverbend. The firm holds properties in California, Oregon, Colorado, Georgia, North Carolina and Florida.
RMA had been in talks with Trion for a couple of years, said Rowan Burch, one of the firm’s lead brokers.
“They saw a lack of competitive bidding on some value-add deals in Texas, so they thought it would be a good time to buy their first deal,” Burch said. “The size and metrics checked out, and they wanted to be aggressive.”
Lancaster is less than 20 miles from downtown Dallas and has a strong medical presence, and multifamily hasn’t been overbuilt there.
“It’s a unique market. There’s not a lot of inventory,” Burch said.
Here’s what else is moving in Texas multifamily.
Cooper Street Capital has purchased the 174-unit South Hill Apartments at 2715 Lasses Boulevard in San Antonio from an LLC linked to Bob Rein of Cedar Park-based Texas Investment Property Group, public records show. Zar Haro, Moses Siller, Bryan VanCura, Brian Booth and Phil Grafe of Newmark represented the seller. The price wasn’t disclosed. The four-building South Hill Apartments were built in 1965; they feature spacious units, three swimming pools, a tennis court and covered parking.
Harmony Communities landed a $28 million fixed to floating rate loan from an undisclosed life insurance company to refinance the Landing at Augusta Woods, a senior housing complex in Spring, a suburb of Houston. The complex includes 120 apartments that provide independent living, assisted living and memory care. It also includes 28 to-be-built duplex-style cottages for independent living. JLL Capital Markets Debt Advisory’s Zane Sweet, Alanna Ellis, Zach Brantley and Kyle White arranged the financing.
Read more
Residential
Texas
Apartment demand outweighs supply in DFW
Development
Houston
Mill Creek bringing more multifamily to 9th-best apartment market
Development
Dallas
StreetLights plans 20-story resi near Shops at Park Lane in Dallas