616-Unit Arlington Multifamily Community Picked by Aspen Capital

Archway Equities has sold Harmony Apartments, a 616-unit multifamily community in Arlington, TX to Aspen Capital Group.  The sale represents Archway’s successful exit from the investment it acquired as part of a six-property, 1,632-unit portfolio acquisition in 2019. 

Built in 1984, Harmony Apartments was the largest property in the portfolio which included assets in both Texas & North Carolina. Located at 2216 Plum Lane, the 21-acre community offered features such as two resort style pools, outdoor grilling areas, and clubhouse with a state-of-the-art fitness and business center.   

During the three-year hold Archway enacted a major renovation on the property. Archway’s Sean Moghavem added “We were able to achieve strong returns for our investors while leaving significant upside for the buyer in a premier Arlington, TX asset.”

Harmony Apartments was marketed for sale on behalf of Archway by Drew Kile, Joey Tumminello, Michael Ware and Asher Hall in the Dallas office of IPA.