Mexican investor gets resi tower in Dallas Design District

A Mexico-based investor has purchased a 23-story apartment building in central Dallas.

Hasta Capital bought the 314-unit AMLI Design District apartments, at 1400 Hi Line Drive near Victory Park, from AMLI. The JLL Capital Markets Investment Sales and Advisory team, led by Roberto Casas, brokered the sale. The price wasn’t disclosed.

JLL’s Debt Advisory team, led by Melissa Quinn, Lee Weaver, Rob Rothaug, Cristian Sieman, plus Lauren Dow and Chris Grievous of the Dallas Debt Advisory team, helped secure financing from Freddie Mac Multifamily. 

The apartment tower hit the market in July. It was built in 2013 and includes almost 313,000 square feet of apartments and 27,000 square feet of retail.

A California-based investment fund has purchased a 270-unit apartment community in McKinney. CONAM Multifamily Partners Fund III, a unit of CONAM Group, bought Arise Craig Ranch from Davis Development. CONAM also recently bought the 300-unit ALMA on Maple, at 6008 Maple Avenue, from AMLI. Terms of the deals weren’t disclosed.

An Austin-based multifamily investment firm has picked up an apartment complex near Houston. Bluebird Capital Partners has purchased the 376-unit Stone Brook apartments, at 619 Rollingbrook Drive in Baytown, from Dallas-based Knightvest Capital. Newmark’s Zach Springer represented Knightvest. Tip Strickland of Newmark arranged a 10-year permanent fixed-rate loan from Freddie Mac. The price wasn’t disclosed.

A Minnesota-based developer has started construction on an affordable apartment complex in a suburb of Austin. LS Black Development started the 252-unit, $88 million Preserve at Mustang Creek at 1401 County Road 118 in Round Rock. Merriman Anderson Architects designed the three-story project, which includes an indoor playroom, garages and covered parking. It is expected to open in September 2025 and will be open to those earning 30 to 60 percent of the area median income.

The NRP Group has started construction on the 331-unit Diamond Flats, at 1402 Carrollton Parkway in Carrollton, in partnership with Miami-based H.I.G. Capital. Santander Bank provided construction financing; the cost wasn’t disclosed. It is Irving-based NRP’s second development in Carrollton, a suburb northwest of Dallas.

Also in Carrollton, Virginia-based AvalonBay Communities recently purchased the Sloane Street Apartments at 4216 Sloane Street, from Billingsley Company, which developed the complex in 2016, the Dallas Morning News reported. The complex has almost 500 units across eight buildings.

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