KeyCity Acquires North Dallas Rental Community, Assumes $14M Loan
Touro Co. spun off Villa Gardens, a 142-unit multifamily community in Farmers Branch, a North Dallas Suburb. KeyCity Capital was the buyer. Greysteel represented both parties.
Yardi Matrix data reported the buyer also assumed the outstanding balance of a $14 million, 10-year loan originated by Fannie Mae. The fixed-rate note bears interest at below 4 percent per annum.
Completed in 1969, the property encompasses 17 two-story buildings with studio, one-, two- and three-bedroom apartments ranging between 400 and 1,232 square feet. All apartments are slated for renovations under the new ownership.
Community amenities at Villa Gardens include a swimming pool, a playground, two laundry facilities and 225 parking spaces. RAM Partners serves as property manager.
Situated at 2730 Fyke Road, the community is some 18 miles northwest of downtown Dallas. The city of Farmers Branch encompasses approximately 12 square miles and is located on Dallas’ northern border. It lies in the heart of an 11-county area in North Texas.