Trion Properties Makes First Texas Multifamily Acquisition

With the help of a $40 million acquisition loan, Trion Properties has purchased Riverbend Apartments, a 471-unit garden-style community in Lancaster, Texas from Ambo Properties. First-Citizens Bank & Trust Co secured the acquisition financing.

Multihousing News reports the suburban Dallas asset, comprising two formerly separate properties—the 181-unit Riverbend and the 328-unit Hunter’s Creek—changed hands in an off-market deal marking Trion’s entry into the state. The company, based in Miami, has acquired 85 properties.

Completed in 1984, the community encompasses 43 one- and two-story buildings spread across 28.8 acres. Units include one- and two-bedroom floorplans, ranging from 695 to 1,085 square feet. Common-area amenities comprise a playground and three swimming pools, along with 800 parking spaces.

Located at 1000 River Bend Drive, the community is close to Lancaster Plaza and Blue Grove Plaza, two shopping centers with numerous dining and retail options. Downtown Dallas is 16 miles northwest and DFW International Airport is some 32 miles away.