Ashcroft Capital Buys 548-Unit Community
- Jul 04, 2019
Wilkinson Corp. has sold the 548-unit MacArthur Place at 183 in Irving, Texas, to Ashcroft Capital, Dallas County public records show. The new owner financed the acquisition with a $42 million loan from Voya Financial. The asset last changed hands in 2014 as part of a five-property sale from Besyata Investment Group, according to Yardi Matrix data.
Located at 2414 N. MacArthur Blvd. in a dense residential area, the community is 6 miles from Dallas/Fort Worth International Airport and some 12 miles from downtown Dallas. Completed in two phases in 1964 and 1969, the property comprises studio, one-, two- and three-bedroom apartments in 47 two-story buildings spread across a 27.1-acre site. Common-area amenities include two swimming pools, a playground and a picnic area with a barbecue. As of May, the asset was 94 percent occupied, per Yardi Matrix information.
The Dallas multifamily market continues to show strong fundamentals. Nearly $900 million in transactions closed in the first three months of the year, averaging a per-unit price of roughly $105,000.