Troesh Family Foundation Buys North Texas Community

Troesh Family Foundation has purchased Cross Timber Apartments, a 216-unit community in Greenville, Texas, from GVD Real Estate Development, according to Yardi Matrix information. The buyer paid $32.4 million for the asset.

Cross Timber Apartments came online on 13 acres at 1905 Centerpoint Lane in 2021. The nine-building property encloses one- and two-bedroom units ranging from 656 to 1,094 square feet, the same source shows. Shared amenities include a resort-style swimming pool with lounge and picnic area, a clubhouse, fitness center, playground and dog park.

Located some 50 miles northeast of downtown Dallas, Cross Timber is adjacent to the Greenville Commons shopping center and across from the Greenville Promenade mall. The property is near Interstate 30.

Metroplex multifamily sales leap off

In the first eight months of the year, Dallas-Fort Worth registered $2.7 billion in multifamily investment sales, with properties changing hands at an average per-unit price of $164,226, according to Yardi Matrix information, both figures significantly higher than the ones of last year. From January through August 2024, the Metroplex saw an investment volume of $1.9 billion, assets trading at an average price of $151,866 per unit.

The metro was also one of the top 10 U.S. markets for multifamily investment in the first half of the year, the same data provider shows. Dallas-Fort Worth occupied the fourth position with $1.6 billion in transactions, lagging Phoenix ($1.85 billion), Seattle ($1.8 billion) and Atlanta ($1.66 billion).