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Crow Holdings Snaps Up TOD Apartments
A Crow Holdings investment fund acquired the 449-unit Phoenix Midtown apartments from Principal Life Insurance Co. of Des Moines, IA. Located at 5555 E. Mockingbird Lane, the more than 15-year-old complex is next to the Dallas Area Rapid Transit’s Mockingbird light rail station. HFF marketed the property.
A sales price was undisclosed. The Dallas Central Appraisal District assigned a market value of $49.1 million to the complex. Greystar is managing the asset.
According to the property website, Phoenix Midtown offers studio apartments, as well as one-, two- and three-bedroom units. Apartments measure from 433 square feet-2,037 square feet. Rent range between $1,000-$2,700 a month.
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