AMG Realty Group has sold Village Oaks, a 480-unit community in Dallas, to S2 Capital. The buyer financed the purchase with a first mortgage loan of $13.4 million from InPoint Commercial Real Estate Income. The mortgage allows for an additional $6.1 million in future funding.
The asset last traded in August 2017, when AMG purchased the property from a private investor, according to Yardi Matrix.
Located at 3550 E. Overton Road in Dallas’ Fair Park submarket, the garden-style community is positioned less than half a mile from Interstate 45, 6 miles from the city’s central business district. The 80-acre Robert Oren Park is across the street.
The community, built in 1974, contains a wide range of floorplans, from studio units up to three-bedroom apartments, with an average size of 769 square feet. Amenities include a swimming pool, a fitness center, a business center, two laundry facilities and a basketball court.
In March, S2 Capital picked up a nearly 800-unit community in Houston.
Image courtesy of Yardi Matrix