Investors from New York and Florida are the newest buyers of North Texas apartments

A number of recent apartment deals have gone to investors from New York and Florida.

The Business Journal recently learned about five new apartment acquisitions in North Texas, totaling 740 units. All these deals have been sourced through press releases, unless otherwise specified. The following is a rundown of these latest transactions, listed from largest to smallest.

Comunidad Partners has bought the 206-unit Metro 7000 apartments at 7000 John T. White Road in Fort Worth. Richard Fur and Brian O’Boyle Jr. at Newmark represented the seller, an entity connected with New York City-based Ashcroft Capital, which had owned the complex since 2018. Terms of the deal were not disclosed.

“Forth Worth is a market that has undergone tremendous growth over the last few years and is closely aligned with our investment strategy,” said Antonio Marquez, managing partner at Comunidad Partners, in a prepared statement. “Metro 7000 is a perfect fit for our affordable strategy and ESG / social impact focus as it’s located in a predominantly minority, underinvested area yet is dynamic and poised for growth. Our core investment focus is identifying, acquiring, and sourcing affordable and workforce housing in culturally diverse neighborhoods positioned for long-term growth throughout the Sunbelt region.”

To date, Comunidad has invested in more than 40 communities throughout the country totaling more than 10,000 workforce and affordable housing units.

A fund controlled by Orlando-based Elevation Financial Group bought the 170-unit Lakeland Hills Senior Living apartments for $8.45 million. Located at 3305 Dilido Road in Dallas, the property was sold by an entity connected with Michigan-based ValStone Partners.

“As a large and fast-growing metropolitan area, the need for affordable housing in Dallas is greater than ever,” said Chris King, CEO of Elevation, in a prepared statement. “Revitalizing and stabilizing a community like this presents an outstanding opportunity for Elevation to bring value to our investors and deliver quality, affordable housing for seniors in Dallas.”

Two North Texas-based entities have exchanged the 144-unit Sky Landing Apartments at 400 Ralph Street in White Settlement. Jon Krebbs of The Multifamily Group represented the seller and procured the buyer. Terms of the deal were not disclosed.

Freshwater Group has acquired the 112-unit Over the Rainbow apartments in Dallas. Located at 3527 Bolivar Drive, the property was sold by a Southern California-based investor. Terms of the deal were not disclosed.

Dallas-based Worth Street Partners has acquired the 108-unit Stone Manor apartments. Located at 3122 Park Lane in Dallas, the property was sold by a Southern California-based entity. Terms of the deal were not disclosed. Mark Allen of Greystone Investment Sales Group represented the seller.

Source: Dallas Biz Journal