Broadview Acquisitions & Management Sells Dallas Community

The new owner plans to renovate both the interior and exterior of the 120-unit property.
The Meadows. Image courtesy of Marcus & Millichap

Marcus & Millichap has arranged the sale of The Meadows, a 120-unit asset in Lancaster, Texas. The firm represented both parties involved in the deal. The seller, Broadview Acquisitions & Management, had purchased the community in 2013, with the help of a $4.3 million Fannie Mae loan from Greystone, according to Yardi Matrix data. The new owner, a Texas-based LLC, plans to change the management companies and upgrade the unit interiors and property exterior.

Built in 1981, the 13-building property includes one-, two- and three-bedroom apartments ranging from 618 to 1,042 square feet. Common-area amenities include a swimming pool, tennis court and a clubhouse. The Meadows is located at 1500 N. Bluegrove Road, roughly 3 miles from Interstate 35 East and 15 miles from downtown Dallas. The community is within walking distance of public transportation routes and shopping centers, including Blue Grove Plaza.

The Marcus & Millichap team in charge of the deal consisted of Al Silva, senior managing director of investments, and Ford Braly, vice president of investments in the firm’s Fort Worth office. Recently, the same duo completed the sale of a 175-unit community in Hurst, Texas.