Lane Star Properties Snags $35M TX Community
- Jul 24, 2018
Lane Star Properties has acquired Edentree Apartment Homes in Carrollton, Texas, for $35.1 million from Beachwold Residential. Walker & Dunlop arranged $26.2 million in acquisition financing for the purchase. The Walker & Dunlop team, led by Managing Director Alex Inman, secured a 12-year, fixed-rate, full-term interest only loan through Fannie Mae.
Located at 1721 E. Frankford Road, the garden-style property comprises 360 one- and two-bedroom apartments ranging from 600 to 1,052 square feet. The pet-friendly Edentree features 27 two-story buildings and was 96.7 percent occupied as of June 2018, according to Yardi Matrix. Interior features include washer/dryer hookups, fireplaces, vaulted ceilings, energy efficient black appliances, breakfast bars, USB ports, carpeting, ceiling fans, central air and heating, extra storage, faux-wood floors, pantries, walk-in closets, glass tile backsplashes and private balcony/patios. Residents have access to amenities such as:
- business center
- children’s play area
- three laundry facilities
- picnic area with barbecue
- resort-style pool with cabana
- state-of-the-art fitness center
- tennis court
- outdoor kitchen
- 800 parking spaces
- outside storage
“Lane Star Properties has a proven history of success in the multifamily space, enhancing communities and providing quality property management,” said Inman, in a prepared statement.
Edentree is within close proximity to major attractions such as Lewisville Lake, Sandy Lake Amusement Park, Carrollton’s Blue Trail, LLELA Nature Preserve and several golf clubs.
Earlier this month, Walker & Dunlop arranged a $52.5 million refinancing loan on behalf of a joint venture between Quinlan Development Group and Lonicera Partners, for 153 Remsen in Brooklyn Heights, N.Y.
Image courtesy of Walker & Dunlop