Lone Star Capital Acquires Dallas-Area Asset
The buyer took out a $19.5 million Freddie Mac loan.
Eagle Property Capital has sold Grand Riviera Apartments, a community in Irving, Texas, to Lone Star Capital. The buyer took out a five-year, $19.5 million Freddie Mac acquisition loan originated by Greystone, according to Yardi Matrix data. Institutional Property Advisors closed on the deal, as well as procured the buyer and financing.
Grand Riviera Apartments is a 206-unit community located at 2877 W. Walnut Hill Lane. Since the property was completed in 1972, it underwent multiple upgrades. Units range from one- to three-bedroom apartments and two-bedroom townhouses, across 19 two-story buildings.
Amenities at the garden-style community include two swimming pools, a clubhouse, a dog park, a picnic area with grills and 300 grade-level parking spaces.
A Dallas community close to large employers
Grand Riviera is between two large employment hubs, with the Dallas-Fort Worth International Airport nearby, while Las Colinas and the very dense Far North Dallas employment cluster are also within easy reach. There are several restaurants and eateries nearby, as well as a couple of shopping centers, parks and golf courses.
The IPA team that represented Eagle Property Capital and procured Lone Star Capital included Senior Managing Directors Michael Ware and Taylor Hill, Executive Managing Director Drew Kile, alongside advisors Joey Tumminello and William Hubbard.
Metro Dallas transaction volumes have dropped over the past two years, as the market tackles high interest rates and a barrage of new supply. The Metroplex recorded more than 24,000 units coming online in 2023 alone, leading the country, and had more than 60,000 units under construction as of May 2024.
