Paladin Preferred Capital has completed the disposition of Basswood Manor, a 212-unit value-add community in Lewisville, Texas, to a Dallas-based investment group.
Paladin Preferred Capital acquired the property back in 2016 for $17.9 million, using a $13.4 million Fannie Mae loan with an 11-year maturity date, Yardi Matrix data shows.
Completed in 1970, Basswood Manor is located at 1020 Fox Ave. on a 15-acre lot. The pet-friendly community consists of 14 buildings with floorplans of one-, two- and three-bedroom units, ranging from 709 to 1,100 square feet. On-site facilities include a laundry room, an outdoor green area and playground, as well as parking spaces.
Basswood Manor is situated across the street from the Lakeland Elementary School and next to a shopping center. A community garden and several parks are also situated nearby. The property is 25 miles northwest of Dallas and some 33 miles from downtown Forth-Worth, Texas.
The Marcus & Millichap team that facilitated the transaction included Senior Managing Director Al Silva and First Vice President of Investments Ford Braly. Last year, Silva and Braly brokered another Dallas-area transaction, representing Capital Vision Management in its sale of The Colony, a 179-unit community in Irving, Texas.