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Japanese Buyer Nabs 105-Unit Magnolia at Lakewood
MDI LLC, a Japanese investor, acquired the 105-unit Magnolia at Lakewood in Dallas for an undisclosed price. CBRE’s Chris Deuillet and Chandler Sims represented the seller, Bedford, TX-based Magnolia Property Co., in the transaction. Dallas County values the asset at $12.7 million.
The 98%-occupied property, situated on approximately 2.3 acres at 2175 Tucker St., opened in 2017. Amenities include resort-style swimming pool, fitness center and a resident lounge/clubhouse.
“Magnolia at Lakewood is a prime example of a premium property located in an area that is going through significant redevelopment,” Deuillet said. “CBRE was able to access our domestic as well as international investors to recruit the ideal buyer for this private client-sized, Class A property.”
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