Tuesday, December 03, 2013

Florida investor makes second apartment buy southwest of Dallas

The Spyglass apartments were built in 2002. (IPA)
A Florida investor has purchased its second apartment community in Mansfield south of Arlington.

Advenir Inc. has purchased the 256-unit Spyglass Apartment Homes at 3251 Matlock Road.

Built in 2002, the rental community was sold by Kaplan Cos.

Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, brokered the sale.  Will Balthrope and Drew Kile negotiated the transaction.

“We marketed the property broadly and had lots of interest,” Balthrope said. “Advenir doubled down on its holdings in Mansfield.

“Mansfield all of a sudden has become a popular market to invest in.”

The previous owner of Spyglass had begun upgrading the units.

By Steve Brown