Eagle Property Capital has acquired The Residences at Mesa Ridge, a 492-unit community in Garland, Texas. IPA represented the seller, Exponential Property Group, and procured the buyer.
The sale was subject to a $44.7 million Fannie Mae loan originated by Bellwether Enterprise Real Estate Capital.
Built in 1983 and formerly known as Pecan Knoll, the property offers a mix of one- to three-bedroom floorplans, ranging from 500 to 1,186 square feet. Units feature private balconies or patios and vaulted ceilings. Community amenities include a clubhouse, a tennis court, a basketball court and five pools.
Taylor Hill, IPA senior director, said in prepared remarks that the seller had invested in significant capital improvements over the past three years, which included upgrades to the common areas and exteriors.
Situated on 29 acres at 1051 E. Centerville Road, the community is some 17 miles northeast of downtown Dallas. Several dining, retail and entertainment options are situated within 2 miles. The Garland Central Library is some 3 miles northwest of the community. Homer B Johnson Stadium is less than half a mile north of the property.
Hill, along with IPA’s Joey Tumminello, Will Balthrope, Michael Ware, Drew Kile, Asher Hall and Marcus & Millichap’s Al Silva represented the seller and procured Eagle Property Capital.
Just last month, Eagle Property Capital bought another Dallas community—the 466-unit Enclave at Prestonwood.