Newly Renovated 280-Unit Dallas Property Changes Hands
- Nov 25, 2019
Raven Multifamily has purchased The Palace, a 280-unit community in Arlington, Texas, from MBP Capital. JLL Capital Markets represented the seller. At the time of the sale, the asset was 96.4 percent occupied.
JLL also secured a $23.1 million acquisition loan on behalf of the owner, per Tarrant County records. The fixed-rate Fannie Mae mortgage is set to mature in 12 years. The community last changed hands in 2017, when MBP Capital bought it from Crest Asset Management.
The 12-building, two-story community underwent a major renovation process in 2018, which involved extensive cosmetic upgrades, as well as the addition of several new amenities, including laundry facilities.
Situated at 1601 Regency Court on 11.4 acres, halfway between Dallas and Fort Worth, the property came online in 1971. It offers easy access to East Pioneer Parkway and is 3.5 miles from the University of Texas at Arlington. Additionally, multiple retail centers and restaurants are located within 1 mile of the community.
The JLL Capital Markets team working on behalf of the seller included Executive Vice President Jorg Mast and Vice Presidents Art Barnes and David Godvin. The firm’s debt placement team advising the new owner was made up of Executive Vice President Deverick Jordan, Vice President Andrew Speer, Manager Clint Hoelscher and Analyst Donovan Collins.
In another recent deal, JLL Capital Markets also secured a $47 million acquisition loan for an Odessa, Texas, community.