Six-Property Apartment Portfolio Trades in Denton
A Dallas-based entity acquired a six-property multifamily portfolio in Denton, a portfolio deal arranged by Walker & Dunlop’s Kyle Palmer. Palmer also partnered with the firm’s Jeremy Nussbaum to arrange bridge financing through a national debt fund.
Although the purchase price wasn’t disclosed, published reports say the six properties were most recently assessed at nearly $36 million. They include Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio and Locust Street Terrace Apartments.
Totaling 325 units and more than 18,000 square feet of commercial space, the portfolio represented an opportunity to invest in the high barrier-to-entry Denton submarket. The acquisitions expand the buyer’s existing Texas portfolio, which includes Madison Park, Wyndham Pointe, and Oasis Springs.
The properties were built between 2009 and 2014 and were 94% leased at the time of sale. The buyer intends to invest $3.2 million toward interior renovations and exterior capital improvements.
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