Classic Irving Rental Portfolio Unloaded by The Multifamily Group
The first one of the five apartment complexes included in the package was built in 1950. The last, 1961. All in all, the portfolio added up to 129 units, and all within three miles of each other in Irving.
Despite the age of the projects, the properties boast an average occupancy of 98%. “The properties are a highly lucrative asset due to all the units being in classic condition, thus providing a tremendous value-add opportunity that was too good to pass up,” said The Multifamily Group’s Greg Miller. Miller found the buyers. The name of the buyer and the cost of the transaction were not disclosed.
The five rental communities included Nursery Apartments, Irvington Place, Arbor Vista, Sunnylane and Oakland.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.