American Landmark Buys 208-Unit Dallas Community
The asset previously traded four years ago, according to Yardi Matrix information.
American Landmark Apartments has acquired Flats on Mill, a 208-unit multifamily property in Fort Worth, Texas, according to Yardi Matrix information. Tides Equities sold the asset.
The buyer took out a $23.9 million permanent loan from One William Street Capital Management for the acquisition, the same data provider shows. The property previously traded four years ago, when Ashcroft Capital sold it to Tides Equities.
Located at 8925 Randol Mill Road, the Class B community is off Interstate 30 and is within 3 miles from several retail and dining opportunities. Downtown Fort Worth is less than 4 miles from the site, while Dallas Fort Worth International Airport is 15 miles away.
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Built in 1984, the property encompasses 14 two-story residential buildings spread across roughly 8 acres. The unit mix consists of one- and two-bedroom floorplans, ranging from 625 to 1,162 square feet. Apartments also include private balconies or patios.
Common-area amenities feature a clubhouse, tennis and pickleball court, swimming pool and spa. The community also has a dog park, a laundry lounge and about 400 parking spaces.
DFW multifamily sales increase year-over-year
Dallas-Fort Worth’s multifamily transaction volume year-to-date as of April clocked in at more than $1 billion, comprising the sale of 44 assets totaling 12,489 units, according to Yardi Matrix information. This figure is considerably higher compared to the same period last year, when 20 communities—4,416 apartments—changed hands for $389 million.
In March, RangeWater Real Estate and equity partner CenterSquare Investment Management acquired Sorrel Phillips Creek Ranch, a 352-unit community in Frisco, Texas. Carter-Haston sold the asset in an off-market deal.
