Three North Texas apartment communities go to Mexico and Florida investment partners
Three North Texas apartment communities have been sold to a Mexico City-based investor working with a Florida real estate company.
The rental communities targeted by the transaction total 880 units and are located in Richardson, Grapevine and Carrollton.
A Mexico-based Promecap firm and Florida-based Eagle Property Capital Investments purchased the three apartments.
“Demand for apartments in Dallas Fort-Worth continues to be among the strongest in the country,” Rodrigo Conesa, managing director of Eagle Property Capital, said in a statement. “At the same time, it remains one of the most affordable markets and an excellent environment to execute our value-added strategy in diverse neighborhoods with a high need for workforce housing.
“We are excited to add these properties to our growing Dallas portfolio.”
Eagle Property Capital now owns and manages 17 apartment communities in the Dallas-Fort Worth area.
The latest acquisition includes:
- The Mustang Villas Apartments on Mustang Drive in Grapevine, which was built in 1974 and has 246 rental units.
- Prestonwood Apartment Homes on Prestonwood Drive in Richardson, which was built in 1979 and has 194 units.
- The 400 Bella Vista apartments, built in 1981 and located on Peters Colony Road in Carrollton.
Miami-based Eagle Property Capital Investments, which has an office in Dallas, has purchased 36 multi-family residential properties with more than 8,750 apartments.
Founded in 1997, Promecap has over $3.3 billion in assets under management.
Dallas-Fort Worth is the nation’s top apartment investment market, with nearly $28 billion in sales in 2021.