ShainRealty Capital has acquired The Landing, a 267-unit community in Euless, Texas. The property last traded in 2020, when 180 Multifamily Properties paid $27.6 million for the asset, Yardi Matrix data shows. Marcus & Millichap arranged the current transaction and Rialto Capital provided the acquisition loan.
The Landing is the firm’s third acquisition in the Dallas-Fort Worth market in less than a year. The company also purchased Infinity on the Mark and Infinity on the Point, two properties totaling 622 units in northern Dallas, for $46.4 and $51 million, respectively, according to Yardi Matrix data.
Boosted by healthy fundamentals, Dallas-Fort Worth continues to be a very active multifamily market. Just last month, an affiliate of Lightbulb Capital Group grew its local portfolio with the purchase of a 390-unit community in Fort Worth.
A Class B community near Fort Worth
Completed in 1983, The Landing comprises 19 buildings with studio, one- and two-bedroom apartments averaging 770 square feet. Community amenities include a fitness center, clubhouse, tennis court, volleyball court, swimming pool and spa. The new owner plans to invest $3 million to renovate the Class B community and rebrand it as Infinity on the Landing.
Located at 3720 Post Oak Blvd., the property is some 17 miles northeast of downtown Fort Worth and 1 mile west of Highway 360 and its adjoining dining and entertainment options. Softball World and The Parks at Texas Star are 3.5 miles away.
Marcus & Millichap Senior Managing Director Bard Hoover, alongside Senior Associate Wes Racht, brokered the transaction.