AvalonBay Acquires 300-Unit DFW Community

This property previously changed hands in 2019.

The community at 951 Leora Lane in Lewisville, Texas.
AvalonBay rebranded the 300-unit community as Avalon at Pier 121. Image courtesy of Yardi Matrix

AvalonBay has purchased Pine Prairie Apartments, a 300-unit multifamily property in Lewisville, Texas, and rebranded it as Avalon at Pier 121. The previous owner was LivCor, which acquired it in 2019 from Praedium Group, according to Yardi Matrix information.

Completed in 2014, the community comprises seven two- and three-story buildings with one-, two- and three-bedroom floorplans ranging from 652 to 1,415 square feet.

Common-area amenities at the almost 13-acre property include a fitness center, a clubhouse, a swimming pool, a business center and multiple laundry facilities. Additionally, the community features a lounge, outdoor kitchen with grilling stations and dog park.

Located at 951 Leora Lane, Avalon at Pier 121 is close to a host of dining and retail options, including the Lewisville Towne Crossing shopping center. Dallas-Fort Worth International Airport is within 16 miles, while downtown Dallas is some 27 miles southeast.

Less multifamily properties trading in the Metroplex

The Dallas-Fort Worth metro saw 47 communities totaling about 8,310 units trade year-to-date as of May, Yardi Matrix information shows. The figures mark a considerable decrease from the 66 properties—some 13,860 apartments—that changed hands during the same interval in 2023.

In April, Rise48 Equity acquired Mosaic Apartments, a 288-unit multifamily property in Haltom City, Texas. Knightvest Capital sold the 1986-completed asset.

Other notable deals include Sentinel Peak Capital Partners’ sale of Eleven600. The 216-unit community changed hands for $21 million.

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