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Archway Equities Acquires 192-Unit Multifamily Asset in Dallas
By: Archway Equities
"We strongly believe in the fundamentals in Texas, particularly for multifamily investments,"
Archway was able to secure the deal by pre-empting the traditional marketing process due to their track record, reputation and the relationship that was built with HLC Equity.
This is Archway's 8th transaction in the last 18 months.
Built in 1986 Toscana Apartments is a multi-family community with amenities that include a clubhouse with fitness and business center, resort style pool, picnic areas with barbecues, and a pet play area. Located at 17910 Kelly Blvd., Toscana Apartments is just minutes from the Dallas North Tollway and President George Bush Turnpike and is in walking distance or a short drive to numerous recreational, retail and restaurant options.
Archway plans to execute a capital improvement program which will include renovating the interiors of more than 50% of the units and enhancing common area amenities including the leasing office. The community was 99% leased at closing.
The acquisition was leveraged with attractive bank financing.
David Austin and Rob Key of JLL brokered the transaction.
About Archway Equities
Archway Equities has been active in U.S. real estate since 1974, investing money on behalf of its principals, accredited investors and institutional joint venture partners. Since 2010, Archway has primarily focused on multifamily investing, but has also invested in several different asset classes including land entitlements and redevelopments. With a history approaching 50 years, the privately held real estate investment group has been successful investing throughout cycles and has always safeguarded investor capital. For more information, please visit http://www.archwayco.com.
DB&R Marketing Communications, Inc.