Archway Reenters Texas With Dallas Acquisition
This is the company's first investment in the Lone Star State after a two-year absence.
Archway Equities has acquired Coronado Apartment Homes, a 264-unit community in Dallas, from Volunteers of America, according to Yardi Matrix information. The buyer also took out a $23.2 million Freddie Mac loan from Jones Lang LaSalle.
This purchase was Archway’s first investment in the Texas market after a two-year absence. JLL represented the seller and secured the acquisition financing.
Completed in 1984, Coronado Apartment Homes comprises 11 three-story residential buildings. The unit mix includes 96 one-bedroom and 168 two-bedroom floorplans that range from 465 to 931 square feet. Shared amenities at the 6.8-acre property include a swimming pool, fitness center, clubhouse and grade-level parking with some 510 spots.
Archway plans to further invest in upgrading the property. Improvements will include exterior renovations, as well as the addition of washers and dryers in all units.
JLL Senior Managing Directors Rob Key and David Austin, together with Vice President William Jennings, represented the seller. In addition, JLL Capital Market Managing Directors Michael Cosby and Andy Scott secured agency financing.
Archway’s Texas holdings
The community is at 7414 E. Grand Ave., close to Tenison Park and some 5 miles from downtown Dallas. White Rock Lake and the Dallas Botanical Garden are less than 2 miles away and several restaurants and supermarkets are within 1 mile.
Archway’s Texas portfolio comprises upwards of 2,700 units across 11 properties in Dallas and Austin. In 2022, the firm purchased Toscana Apartments, 192-unit community in Carrollton, a property located some 20 miles north of Coronado.
