Monday, October 20, 2014

East Dallas apartment community purchased by investor Behringer

The Lakewood Flats apartments opened in 2013.(Lakewood Flats)
Investor Behringer said Wednesday that it has purchased a 435-unit apartment community in East Dallas.
The Addison-based firm bough the Lakewood Flats off East Grand Avenue for its Behringer Harvard Opportunity REIT II Inc.
Lakewood Flats was built in 2013 on La Vista Drive near the intersection of East Grand and Gaston avenues.
The property is near White Rock Lake and has access to the Santa Fe Trail.
“Lakewood Flats provided us with an attractive opportunity to acquire a recently constructed, stabilized and cash-flowing asset in a desirable infill market with strong fundamentals and high barriers to entry,” Michael O’Hanlon, chief executive officer of Behringer’s opportunity platform, said in a statement.
Terms of the sale were not disclosed.