DIJ Properties has purchased Parque Rio Apartments, a 386-unit garden-style community in Dallas. Berkadia originated a seven-year, $13.9 million Freddie Mac mortgage to fund the acquisition, according to Yardi Matrix data. The seller, JPW Development, acquired the property from a private Singaporean investor in early 2014.
Parque Rio contains a mix of one-, two- and three-bedroom apartments and townhomes, ranging in size from 500 to 1,652 square feet. Community amenities include two swimming pools, a clubhouse, a playground, several laundry facilities and 735 parking spaces.
Located at 2777 N. Buckner Blvd. in the city’s Forest Hills submarket, the asset spans across 17.7 acres, approximately one mile north of Interstate 30, providing direct access to downtown Dallas, eight miles to the west. A number of retail properties in the immediate area offer a variety of shopping and dining options. The 66-acre Dallas Arboretum and Botanical Gardens is northwest of the community, less than three miles away.
Earlier in May, DIJ acquired a 486-unit community in Arizona for $26 million, marking the firm’s first multifamily investment in the state.
Image courtesy of Yardi Matrix