Age-Restricted Community in DFW Changes Hands
- Sep 14, 2018
Franklin Cos. has sold Franklin Park of Desoto, a 240-unit, fully age-restricted property in Desoto, Texas. According to Yardi Matrix data, the sale was subject to a $20.3 million, 10-year Fannie Mae loan.
The property is located at 431 W. Wintergreen Road, a roughly 13-mile drive south of central Dallas. The site provides easy access to interstates 35E and 20, along with Route 67. Grimes Park and Thorntree Country Club are both within easy reach.
The property encompasses 31 buildings, across more than 22 acres. Community amenities include a media room with stadium seating and surround sound, as well as a resort-style pool with Jacuzzi and an outdoor fireplace.
A Marcus & Millichap team led by Doug O’Toole and Rod Llanos, first vice presidents of investments, focusing exclusively on seniors housing investment sales, represented the seller. Will Balthrope, executive director of Institutional Property Advisors, alongside Director Jennifer Campbell, procured the buyer, another Texas-based company. The new owner retained Franklin Cos. as manager of the asset.
“Franklin Park of Desoto is the only market-rate, age-restricted multihousing asset in the area. Consequently, it has a history of stability and high occupancy,” said Llanos, in prepared remarks.
In July, Marcus & Millichap’s Minneapolis office brokered the sale of another senior community, located in Savage, Minn. The asset received offers from investors from seven different states, selling above the listing price.
Image courtesy of Yardi Matrix