The properties are Park Place, a 120-unit asset built in 1978, Twenty Oaks, an 86-unit property constructed in 1984, and 171-unit The Francisco, built in 1969. The properties sold for a total of $36.6 million.
Park Place is an eight-building property located in Hurst, across from Northeast Mall, one of the largest shopping centers in Texas. Located in Arlington, Twenty Oaks is a six-building asset close to four major grocery chains and near access to the Parks Mall and Grand Prairie Premium Outlets. The Francisco is a nine-building property under five miles from Downtown Dallas near Joppa Preserve, Trinity River Audubon Center and Dallas Zoo.
Al Silva and Marcus & Millichap’s Ford Braly represented the sellers and procured the buyers in all three transactions. Tyler Rentfro arranged acquisition financing for The Francisco, “This financing illustrates that multifamily continues to be a favored product type even in a rising interest rate environment.”
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.
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