Domain Communities has acquired The Villas of Josey Ranch in Carrollton, Texas, a Dallas-Fort Worth submarket. The 198-unit apartment community is spread across a 12.4-acre parcel at 2050 Keller Springs Road. It is next door to acclaimed disc golf course Jimmy Porter Park, featuring a playground, pavilion, basketball court and grills.
HFF marketed the property exclusively on behalf of the seller, a partnership between Harbert Management Corp. and Balfour Beatty Communities. This represents only the latest of several recent apartment community acquisitions in Carrollton.
Nearby employment centers
The Villas of Josey Ranch is comprised of 19 two-story buildings, which offer a blend of one- and two-bedroom apartments. The residences, averaging 849 square feet in size, are 96.5 percent occupied. They feature custom cabinetry, designer countertops, new appliances, vaulted ceilings and breakfast bars. Among the more prominent outdoor amenities is an outdoor kitchen and grilling stations.
The Villas of Josey Ranch is located near schools, parks, restaurants, shopping and entertainment. It is also proximate to a number of employment centers and economic drivers. Among these are the Platinum Corridor, which features an array of business and shopping centers as well as Dr Pepper Ballpark in Frisco, Texas. Also nearby is the Telecom Corridor, a 6.5-mile-long strip in Richardson, Texas, featuring 25 million square feet of space and 5,700 companies, accounting for more than 130,000 jobs. In addition, the community is not far from CityLine, a live-work-play community also in Richardson.
Representing the seller was the HFF Investment Advisory team, comprised of Senior Managing Directors Bill Miller and Roberto Casas, Managing Director Roy Key and Senior Director Greg Toro.