Millburn Buys 349-Unit DFW Community
The property came online last year.
Millburn & Co. has acquired Mason + Mill, a 349-unit multifamily property in Mansfield, Texas, a Dallas-Fort Worth submarket. Institutional Property Advisors brokered the deal on behalf of the seller and procured the buyer.
JLB Partners previously owned the asset, according to Yardi Matrix information. The firm completed the property last year using funds from a $41.4 million construction loan originated by Regions Bank in October 2021.
Located at 2000 Nahvi Road, Mason + Mill is near the intersection of Highway 360 and U.S. Route 287 and close to the 200-acre Reserve Mansfield mixed-use district currently underway. Downtown Dallas is 32 miles away, while DFW International Airport is 25 miles north.
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The community comprises five three- and four-story buildings across 2 acres. The unit mix consists of studio, one- and two-bedroom floorplans ranging from 616 and 1,437 square feet, as well as multiple live-work apartments. Select layouts have private balconies or patios.
Common-area amenities include a swimming pool, outdoor lounge, recreational courtyard and pet park, as well as a clubhouse. The property also has a fitness center, a community room, a playground and grilling stations.
IPA Executive Managing Director Drew Kile, Senior Managing Directors Joey Tumminello, Taylor Hill and Michael Ware, along with Associate Shelby Clark, brokered the deal.
DFW sales activity picks up pace
Year-to-date as of July, Dallas-Fort Worth saw 132 multifamily assets—totaling 33,781 units—changing hands, according to Yardi Matrix data. This number is considerably higher than the 89 communities—18,937 apartments—that traded during the same period of last year.
Last month, a joint venture between SPI Advisory and FCP acquired Crest Manor, a 600-unit property in Lewisville, Texas. The community came online in two phases between 2010 and 2016.
