Wood Partners Sells Suburban Dallas Asset
The developer financed the project with a $24.2 million construction loan from MidFirst Bank in 2018.
Aspen at Mercer Crossing. Image courtesy of Excelsa Properties
Excelsa Properties has completed the acquisition of Aspen at Mercer Crossing, a 260-unit Class A community in Farmers Branch, Texas. Wood Partners sold the property, Yardi Matrix shows. The transaction marks the buyer’s first purchase in the Dallas market.
Located on 9 acres at 1851 Knightsbridge Road, the community encompasses four buildings delivered last year. In 2018, the seller received a $24.2 million construction loan from MidFirst Bank for the project, according to Yardi Matrix data.
In addition to studio apartments, the unit mix also offers one- to three-bedroom options. Floorplans range between 663 and 1,423 square feet. Community amenities include a swimming pool, gym, clubhouse and business center.
Aspen at Mercer Crossing is close to the busy retail sector along Royal Lane and a short distance from Interstate 365. Additionally, the site is 10 miles from the Dallas/Fort Worth International Airport and 15 miles northwest of central Dallas.
In September, Wood Partners debuted Alta Med Main, an upscale, 338-unit property in Houston. The luxury developer began construction on the EDI International-designed project in January 2019.
