Eagle Property Capital Buys Dallas Community

Enclave at Prestonwood

Eagle Property Capital has acquired Enclave at Prestonwood, a 466-unit Class B community in Dallas, according to Dallas County records. Conti Organization sold the property previously known as Monaco Parc and Prestonwood Springs.

The buyer secured $49.6 million in acquisition financing funded by Benefit Street Partners, public records show. The loan is scheduled for maturity in December 2025.

Enclave at Prestonwood last traded in 2014, when Strategic Realty Holdings sold the 38-building community to the current seller, Yardi Matrix data shows. Conti Organization financed that purchase with a $23.8 million CMBS loan originated by Greystone. The loan was structured with a 30-year amortization schedule along with a 10-year term including a three-year interest only period and a 4.95 percent interest rate.

Location, amenities

Located on nearly 16 acres at 5930 Arapaho Road, the 1978-built, garden-style property features one- and two-bedroom units with floorplans averaging 714 square feet. The pet-friendly community offers a fitness center, two swimming pools, five laundry facilities, a playground, outdoor kitchen along with a pet park.

Within the Prestonwood neighborhood, Enclave at Prestonwood is less than 5 miles from the University of Texas at Dallas and within 3 miles of Addison Airport. Several dining and shopping options are available within 2 miles, while The Galleria is some 3 miles away. Downtown Dallas is 14 miles south.

Another Dallas property that traded last week is the 165-unit Armstrong at Knox. CBRE facilitated that transaction by securing a nearly $48 million acquisition loan.

As of September, the Sun Belt markets made up 32 percent of the total U.S. multifamily stock underway, according to Yardi Matrix. The Dallas-Fort Worth area is topping the country’s list for construction activity, outpacing Austin and Houston, among others.