Beachwold Residential Expands Dallas Presence
- Aug 05, 2019
Stonelake Capital Partners has sold the 355-unit Austin at Trinity Green in Dallas to Beachwold Residential, according to Yardi Matrix data. AIG originated a $45 million acquisition loan for the new owner. As of June, the property was 92.1 percent occupied.
Located at 1212 Singleton Blvd. in a dense residential area, the asset is less than 2 miles from Interstate 30, roughly 3 miles west from downtown Dallas and close to several retail and dining options. The community was completed in 2017, comprises a mix of studios, one- and two-bedroom apartments in a four-story building, with floorplans ranging from 501 to 1,523 square feet. Common-area amenities include a lounge with coffee bar, clubhouse, pool table and fireplace, fitness center and a 1-acre linear central park.
In April, Beachwold Residential also secured $37.9 million in financing. The loans were used to acquire a 76-unit community in Savannah, Ga., and to refinance existing debt on a 400-unit asset in Orlando, Fla.