Friday, September 19, 2014

North Dallas rental community sold to investors

The Advenir at Foxmoor apartments were built in the 1970s. (IPA)
A large North Dallas apartment community has sold to a local buyer.
The Advenir at Foxmoor is a 495-unit rental community located on North Central Expressway near Royal Lane.
Built in the 1970s, the 11-acre apartment community has been owned since 2008 by Miami-based investment group Advenir Inc.
Now the property has been purchased by a company controlled by Knightvest Capital and Management of Dallas.
Will Balthrope and Drew Kile of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. Terms of the transaction were not disclosed.
“This property offers a prime location with direct access to dynamic retail, recreation and employment opportunities along Central Expressway,” Balthrope said in a statement.
The acquisition was made with a $23 million loan from NXT Capital, Dallas County deed records show.