KeyCity Capital Acquires Dallas Community

The buyer also assumed the outstanding balance of a Fannie Mae loan.

Villa Gardens. Image courtesy of Greysteel

Villa Gardens. Image courtesy of Greysteel

KeyCity Capital has purchased Villa Gardens, a 142-unit multifamily community in Farmers Branch, Texas. Touro Co. was the seller, according to Yardi Matrix data. Greysteel represented both parties.

The buyer also assumed the outstanding balance of a $14 million, 10-year loan originated by Fannie Mae, the same data provider shows. The fixed-rate note bears interest at below 4 percent per annum.

Completed in 1969, the property encompasses 17 two-story buildings with studio, one-, two- and three-bedroom apartments ranging between 400 and 1,232 square feet. All apartments are slated for renovations under the new ownership.

Community amenities at Villa Gardens include a swimming pool, a playground, two laundry facilities and 225 parking spaces. RAM Partners serves as property manager.

Situated at 2730 Fyke Road, the community is some 18 miles northwest of downtown Dallas. Several retail centers, dining options and green areas are within walking distance, while Addison Airport and Dallas College Brookhaven Campus are within 5 miles of the property.

Greysteel’s team arranging the deal included Senior Managing Director Doug Banerjee, Director Andrew Mueller, Managing Director Jack Stone and Associate Sterling Warren. Banerjee was also instrumental in the sale of a 264-unit multifamily community in Dallas last year.

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