Archway Equities has acquired Toscana Apartments, a 192-unit multifamily community in Carrollton, Texas. HLC Equity was the seller, and the transaction was brokered by David Austin and Rob Key of JLL. Amerant Bank provided the acquisition loan, according to Yardi Matrix.
Completed in 1986, the property consists of studio and one-bedroom apartments ranging from 500 to 700 square feet. All units offer fireplaces, private patios or balconies and washers and dryers, with some select units having vaulted ceilings and hardwood floors. Community amenities include a swimming pool, fitness center, pet play area, spa, clubhouse and business center. Archway Equities is planning to renovate the unit interiors, as well as common-area amenities.
Toscana Apartments is located at 17910 Kelly Blvd., roughly 0.5 miles from President George Bush Turnpike and 2.2 miles from Dallas North Tollway. The property is close to several dining and entertainment options.
Toscana Apartments marks Archway’s second investment in the Carrollton submarket, one of the Metroplex’s fastest-growing suburbs. In prepared remarks, Archway Vice President Jeffrey Moghavem said that the firm will continue to expand its multfamily presence in the Dallas-Fort Worth area.
North Texas remains one of the country’s most dynamic multifamily markets. Dallas-Fort Worth recorded $14.6 billion in multifamily transactions last year, leading the nation. The metro also has the country’s largest multifamily pipeline, with 44,595 apartments under construction as of March.