ShainRealty Picks Up 256-Unit Mesquite Apartment Complex
ShainRealty Capital has acquired the 256-unit Landmark at Courtyard Villas in Mesquite. ShainRealty plans to rename the property to “Infinity at Sunnyvale” and start on a $3 million upgrade and renovation program. This is the company’s fifth acquisition in Dallas in the last two years, currently amassing a 1500-unit portfolio.
The Dallas Business Journal reports Wes Racht of Marcus & Millichap, brokered the sale transaction. An existing loan was assumed by the purchaser in the deal. Dwight Capital originated the $25 million HUD Loan, which currently carries a 2.83% interest rate until maturity, due May 15th, 2053. The previous owner was Tim Carey.
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