Wednesday, December 03, 2014

10 Dallas-area apartment communities sold in big Texas transaction

(England Group)
The Abbey at Vista Ridge in Lewisville is among the 10 Dallas-area properties sold.
A Virginia investor has purchased 10 Dallas-area apartment communities with plans to upgrade the properties.
The acquisition by Harbor Group International LLC includes two apartment properties in Houston and totals 3,100 units.
The new owner plans to spend $10 million to upgrade the apartments.
“The acquisition of the portfolio reflects HGI’s strategic decision to expand our investment and operational presence in major Texas markets,” T. Richard Litton Jr., president of HGI, said in a statement.
The Dallas apartment communities include the 364-unit Carrington Park apartments on Communications Parkway in Plano, the 330-unit Abbey at Vista Ridge on Vista Ridge Mall Drive in Lewisville, the 320-unit Sunset Oaks at 3550 Timberglen Rd. in Dallas and the 252-unit Tallows apartments on Frankford Road in Carrollton.
Dirk Goris of CBRE Group brokered the sale.
The apartment communities were acquired from Canada-based England Group. Terms of the sale were not disclosed.
Harbor Group International is based in Norfolk and owns 7.4 million square feet of commercial properties and approximately 29,000 apartments.
By Steve Brown Dallas Morning News