143-Unit Apartment Complex Sells

Aspire Ventures LLC closed a deal with Communidad Realty Partners to acquire the 143-unit Villas de la Colonia, a Class C apartment complex at 1515 Metrocrest Dr. in Carrollton, TX. Chris Deuillet with CBRE represented the seller in the transaction. The sales price was undisclosed.

The California-based seller completed interior improvements on one-third of the units, achieving rent growth. There is also value-add potential due to the small supply of vintage assets in the North Dallas region.

Additionally, “Villas de la Colonia established a new level of rents for this area,” Deuillet said. “The property is only one of three multifamily communities immediately near the business district in Addison (TX), making its location a top draw for residents who want access to the community’s major employers, retail shopping and restaurants.”

The asset was 95% occupied at closing. It delivered in 1969, and consists of 12, two-story buildings and one, two-story leasing office.

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