RPM JV Purchases Dallas Luxury Asset
The buyer obtained a $32.3 million acquisition loan from Pacific Coast Capital Partners.
Carleton Cos. and M.R. Development have sold The Audrey, a 211-unit luxury community in Mansfield, Texas, a Dallas suburb. RPM, in partnership with a fund managed by Madison Marquette, purchased the property and took out a $32.3 million acquisition loan from Pacific Coast Capital Partners, Yardi Matrix data shows. IPA brokered the transaction.
The 2021-completed community encompasses four three-story buildings spread across 8.2 acres. The unit mix has one- and two-bedroom floorplans, ranging between 695 and 1,417 square feet. Common-area amenities consist of a clubhouse, fitness center, business center and swimming pool.
Located at 3351 Harmon Road, the garden-style property is 1.5 miles from Texas Health Hospital’s campus in Mansfield. A host of dining and retail options, along with a Kroger Marketplace, are within a 4-mile radius. Downtown Fort Worth is some 24 miles northeast, while downtown Dallas is 32 miles northwest.
The IPA team which secured the transaction included Executive Managing Directors Drew Kile and Will Balthrope, Senior Managing Directors Taylor Hill, Joey Tumminello and Michael Ware, along with Senior Associate Jeff Kindorf. Earlier this year, the same team arranged the sale of a 444-unit community in Farmers Branch, Texas, another Dallas suburb.
According to Yardi Matrix data, 101 communities traded year-to-date through October in Dallas, a considerable decline from the 327 properties that changed hands during the same period of 2022. Of this year’s total, only 17 transactions involved luxury assets.