Three North Texas apartment communities go to Mexico and Florida investment partners
Three North Texas apartment communities have sold to a Mexico City-based investor working with a Florida property firm.
The rental communities in the transaction total 840 units and are in Richardson, Grapevine and Carrollton.
A venture of Mexico-based Promecap and Eagle Property Capital Investments of Florida purchased the three apartment properties.
“Apartment demand in Dallas Fort-Worth continues to be among the strongest in the country,” Rodrigo Conesa, managing principal at Eagle Property Capital, said in a statement. “At the same time, it remains one of the more affordable markets and an excellent environment for us to execute our value-add strategy in diverse neighborhoods with a strong need for workforce housing.
“We’re delighted to add these properties to our growing Dallas portfolio.”
Eagle Property Capital now owns and manages 17 apartment communities in the Dallas-Fort Worth area.
The latest acquisition includes:
- The Mustang Villas Apartments on Mustang Drive in Grapevine, which was built in 1974 and has 246 rental units.
- Prestonwood Apartment Homes on Prestonwood Drive in Richardson, which was built in 1979 and has 194 units.
- The 400-unit Bella Vista Apartments, built in 1981 on Peters Colony Road in Carrollton.
Danny Baker, Chandler Sims, John Makus, Kevin O’Boyle and Nita Stewart with CBRE Group brokered the sales.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, arranged financing for the purchases.
Miami-based Eagle Property Capital Investments, which has an office in Dallas, has bought 36 multifamily residential properties with more than 8,750 apartment units.
Founded in 1997, Promecap has more than $3.3 billion in assets under management.
Dallas-Fort Worth is the country’s top apartment investment market, with almost $28 billion in sales in 2021.