A 267-unit apartment complex has been acquired by ShainRealty. The buyer immediately announced they will be spending $3 million on renovations and upgrades. In addition, the new owner will be changing the name of the community from “The Landing” to “Infinity on the Landing”.
This is ShainRealty’s third multifamily buy in the Dallas area in under a year. This property is near DFW Airport in neighboring Euless. They previously picked up Infinity on the Mark and Infinity on the Point.
The sites average size per unit is 770 square feet and the rent is 30% below market.
Bard Hoover and Wes Racht of Marcus & Millichap brokered the transaction. Rialto Capital provided the bridge loan debt.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.