ARA Newmark Completes Sale of 334-Unit Suburban Dallas Community
- Feb 12, 2016
Dallas—ARA Newmark recently sold a 334-unit Class A apartment community in the up-and-coming Dallas suburb of Forney. Called Gateway Cedars, the property is located along U.S. Highway 80.
The ARA Newmark team working on behalf of Gateway Holdings LP was formed by Brian O’Boyle Sr., vice chairman, Brian Murphy, executive managing director, Brian O’Boyle Jr., executive managing director and Bart Wickard, senior managing director.
The 14-acre community offers residents a variety of amenities, including a swimming pool with several fountains, two outdoor fireplaces, lighted pergolas, a putting green and a bocce ball court. At the time of sale, the property was 99.4 percent occupied.
Gateway Cedars is the first phase of apartments to be built in the 2,000-acre Gateway development. The master-planned project features an iconic bridge greeting motorists as they approach the community, while connecting neighborhoods north and south of U.S. Highway 80. The mixed-use development includes a blend of 120 acres of retail, 540 acres of single-family residential housing, as well as an additional upscale multi-housing space and several hundred acres of multi-use space. The Gateway theme tower, expected to be 90 feet tall, is also part of the Gateway community.
“Gateway Holdings, LP’s Forney development met the housing needs of an underserved market, which was reflected in the quick lease-up of this 334-unit community,” O’Boyle Jr. said in prepared remarks. “Gateway Cedars’ common-area amenities and interior design package are absolutely best-in-class, leading to a high capture and retention rate.”
Image courtesy of Gateway Cedars